Silver Price Hesitates at Key Support Amid Rising Yields

The silver price is currently testing its key support level as US yields surge. According to the World Silver Survey, industrial consumption of silver is expected to fall by 3% in 2026 due to ongoing economic factors. Some analysts, including ING, have marked down their forecast for the year's average price to $68.

The market is currently at a crossroads, with major moving averages acting as both support and resistance levels. If the silver price were to break below these moving averages, it could potentially return to the $60 level, an area that provided significant support in the past.

With the upcoming jobs report scheduled for Friday, market volatility is expected to increase throughout the week. This could lead to a more sideways trading pattern as investors wait for the release of the news.