Silver Remains Range-Bound
Silver remains stuck in the range between the support at $25.85 and the resistance at the 50 EMA at $26.25. In today's trading session, silver made an attempt to settle above the 50 EMA but faced resistance near $26.70 and pulled back into the previous trading range.
Interestingly, rising Treasury yields failed to put more pressure on silver, and the support at $25.85 remained strong. At the same time, it should be noted that a move below this level will be a worrisome development for silver bulls as silver may quickly gain downside momentum and head towards the next support level at $25.55. If silver declines below the support at $25.55, it will head towards the support at $25.20.
Interestingly, rising Treasury yields failed to put more pressure on silver, and the support at $25.85 remained strong. At the same time, it should be noted that a move below this level will be a worrisome development for silver bulls as silver may quickly gain downside momentum and head towards the next support level at $25.55. If silver declines below the support at $25.55, it will head towards the support at $25.20.
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