200-Day EMA and Key Resistance
Higher yields typically will work against silver, so I think that’s part of the hesitation here. Furthermore, when we look at the price action, the structure, yes, we did break out of consolidation, but we haven’t made a major swing high, at least not quite yet.
We are hanging around the 200-day EMA, and that 200-day EMA is a major indicator of the trend, be it bullish or bearish. If we could break above $70, that could really get the bulls going.
Right now, though, I think it’s somewhat of a wait-and-see mode. We have seen some weaker economic numbers coming out of the United States that might be part of what’s going on here. But at the end of the day, there is still major headline risk.