Silver Price Analysis – Silver Treads Water Near $60 as Death Cross Weighs

Silver Technical Analysis

The silver market has shown itself to be somewhat positive in early pre-market trading, but ultimately, this is a market that just continues to grind back and forth. The market continues to see a lot of questions asked of the $60 level. The $60 level, of course, is a large, round, psychologically significant figure in an area that previously had been important. We have sliced through it a couple of times now, and generally speaking, most people believe that is a sign of the market getting rid of that importance. We’ll just have to wait and see whether or not there is still going to be importance attached to it.

Key Market Levels

The 50-day EMA crossed below the 200-day EMA a while ago, about 6 or 7 sessions ago, kicking off the so-called death cross. More important for the session on Friday, interest rates in America did drift a little bit lower. That generally can help silver as it is highly sensitive to interest rates, but at this point in time, it’s more or less about the idea that silver is a very negative market. It has been drifting lower for a while, and sellers continue to return anytime there seems to be an overbought condition.

With this, it’s very difficult to get long at this point, but I don’t see a lot of momentum one way or the other. As we head into the market session on Friday, right before a weekend that could provide who knows what coming out of the Middle East, it’s not surprising that we’re just treading water here, as we wait for some kind of clarity at this point in time.

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