Silver Technical Analysis
The silver market has gone back and forth during the course of the trading session here on Tuesday in early trading, as we are sitting just above the 50-day EMA as well as the 200-day EMA.
Quite frankly, silver has been very sideways for a while, and it doesn’t look like we have anywhere to be. The $65 level is offering significant support, with the $70 level offering resistance. The market continues to pay close attention to interest rates, and those higher interest rates do put a little bit of pressure on the idea of silver taking off or falling apart.
10-year Yield Is Down a Little Bit in Early Trading
That helped silver recover a bit, but this is a market that short-term traders will probably continue to look towards, with a very well-defined range. This has been the way for a while in this market, and I don’t see it changing very easily at this point in time.
Longer term, I like silver a lot. There is a serious deficit for what silver demand there is, and this should only grow as the AI situation and the electrification of the overall global economy will have silver being in demand going down years.
If we can break above the $71 level, at that point I’d become much more bullish. In the meantime, though, range-bound traders will probably continue to look at this as a potential opportunity, and with that being the case, I think those short-term traders will continue to flock towards this market.
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