Technical Outlook and Geopolitical Pressures
The 50-day EMA is drifting lower, and if it were to break down below the 200-day EMA, which it sits just below it, that would kick off a technical death cross, which, longer-term traders will a lot of times read as a very negative sign.
The $57 level has recently offered a bit of support. Breaking down below there could open up a move to the downside, but recently, it looks like the market’s happy just churning in this general vicinity. We do have other headaches to worry about, not the least of which would be announcements and statements coming out of the Middle East, which, of course, have played havoc with the bond market. Silver continues to be very choppy.
Source: Original Article
