Silver Lacks Momentum Ahead Of The Weekend
Silver remains stuck in the range between the support at $25.85 and the resistance at the 50 EMA at $26.25. Both support and resistance levels have been actively tested this week, but silver failed to develop any momentum.
Interestingly, the continuation of the major sell-off in the U.S. government bond market, which pushed Treasury yields higher, failed to push silver out of this range. Higher bond yields typically serve as a material bearish catalyst for precious metals which pay no interest.
Silver will have a chance to gain material momentum once it manages to get out of the current range, but it remains to be seen whether silver traders are ready for serious moves ahead of the weekend.
Interestingly, the continuation of the major sell-off in the U.S. government bond market, which pushed Treasury yields higher, failed to push silver out of this range. Higher bond yields typically serve as a material bearish catalyst for precious metals which pay no interest.
Silver will have a chance to gain material momentum once it manages to get out of the current range, but it remains to be seen whether silver traders are ready for serious moves ahead of the weekend.