Silver Price Falls as Dollar Continues to Rise

The silver price failed to break through resistance and has fallen back below $65.32. On the daily chart, this is considered a downtrend, and a move above $68.33 would be needed to change the trend. The current momentum is with the sellers, who are pushing the price lower.

The dollar (DXY) continues to rise, reaching towards 101.640, which could put pressure on silver prices. If the DXY extends its run, it may test the 50-day moving average at $63.26. Below that level, the main bottom of $62.31 is the next key support.

The buyers are struggling to make a move above $65.32, and every rally attempt has been met with resistance. The most recent rally peaked at $67.34, but failed to break through the $66.75-$67.79 zone. This suggests that buyers are getting less room on each attempt, and the time between failures is getting shorter.

The 10-year Treasury yield continues to rise, nearing 4.97%, which could further pressure silver prices. The Fed's decision to raise interest rates has contributed to this trend, with rate markets pushing October hike odds higher. The resistance above for the 10-year yield sits at 5.021%, and a sustained move through that level would put the 5.041% high back in play.