Silver Price Analysis – Silver Stalls at $60 Resistance and Death Cross Loom

Silver Technical Analysis

The silver market is still drifting back and forth during the trading session on Tuesday, with the sellers taking advantage of the market early this morning. But ultimately, when I look at the silver market, the $60 level is a bit of a point of inflection at the moment. It’s a bit of a magnet for price, and we have sliced through a couple of times, but here in the last couple of days, we’ve seen a bit of a change in behavior in the sense that $60 is starting to act a lot more like resistance.

And if that is going to be the case, then it does make a certain amount of sense that traders will continue to look at this as a market that continues to be noisy, continues to pay attention to interest rates, which are being driven by the conflict in the Middle East and whatever it is that certain people are saying around the world.

Death Cross Signals Technical Downward Pressure

With that being the situation that we find ourselves in, we probably have to keep an eye on the headlines, the interest rate markets in the United States, and the value of the US dollar, which is typically a reaction to the interest rates in America. With the recent death cross, the 50-day EMA dropping below the 200-day EMA, it opens up the possibility that longer-term technical traders are probably going to add more downward pressure.

Ultimately, this is a market that, given enough time, probably has to make a bigger decision, but as things stand right now, I think everybody is in a bit of a holding pattern. The price action certainly seems to suggest this as being the case.

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