Silver Price Bounces from $65 as Bulls Eye $70 Resistance

Silver Technical Analysis

The silver market is trying to bounce from the crucial 50-day EMA and the $65 level following the path that gold has set out for the day, as interest rates, although elevated, are drifting a little bit. This continues to be a major factor in this market, as the silver markets tend to be sensitive to rates and the USD.

At this point, traders are trying to find value here and are more than willing, it seems, to buy short-term dips. The $70 level above is significant resistance, but I would warn that Friday is the jobs report, and that could have a major influence on where we go next. After all, expectations of interest rate moves are one of the biggest drivers of metals most of the time.

Technical Outlook and Key Silver Levels

The US dollar shrinking helps as well, so pay attention to that. But ultimately, we’re sitting right here at an area where you would expect to see a certain amount of support anyway, so it’s not a huge surprise. Whether or not we get momentum, that’s a completely different question.

But clearly, it looks like the selling has at least abated a bit for the short term, and this is the first step in trying to turn things around. Hesitation is a word I could use at the moment here.

Friday’s jobs number will loom large here. If we get an extraordinarily weak jobs number, traders may start to try to price in the idea that the Federal Reserve may not be able to tighten any further. And if that’s the case, things could get interesting here.

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