Silver Price Analysis – Silver Tests $65.50 Resistance at 200-Day EMA Inflection

Silver Technical Analysis

Silver continues to hover around the 200-day EMA on Thursday as we are just simply waiting for the next move. A lot of what we’re seeing here will be influenced by the interest rates in America, which are currently drifting a little bit lower. Generally speaking, that helps silver, but at this point in time, we also have to worry about the situation in the Middle East, because that will greatly influence things like the interest rate market.

The 200-day EMA is an indicator that a lot of longer-term traders will be watching, and the fact that we are stalling here after a recent recovery probably isn’t a huge surprise. Breaking above the $65.50 level would be a big victory in the short term, perhaps opening up the possibility of a challenge of the $70 level. This is a level that would more likely than not get some interest from a headline perspective.

Inflection Point and Key Support Levels

If we break down below the 50-day EMA, though, that could be negative, opening up a drop towards the $60 level. All things being equal, this is a market that is at an inflection point, at least short-term, and will be worth watching. We need to see some type of momentum in one direction or the other to get any type of real read on the market, but right now, it certainly looks like choppiness and a little bit of hesitation is exactly the way I would describe this market over the last three days or so. Ultimately, we are waiting for some kind of clarity to get moving again.

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