Silver prices have been under pressure, with the 50-day EMA acting as a resistance point. This technical analysis suggests a consolidation range between $70 and $90, with $80 as a fair value. However, the focus has shifted to interest rates, which remain strong and are currently the primary driver of silver's trajectory. The analyst believes that the Middle East situation is a key factor, and once resolved, silver may take off. Longer-term, the analyst is bullish, but short-term, they are cautious, watching the $70 and 200-day EMA levels for potential breakdown points. This commentary highlights the complex interplay between interest rates, supply, and geopolitical events in the silver market.
