Silver Price Pullback Puts Focus on $63.50 Support Zone
Silver prices are under pressure due to a stronger US dollar and rising Treasury yields, causing the metal to pull back from recent highs. The $63.50 level is now in focus as a key support zone that could determine silver's next directional move. According to technical analysts, breaking below this level could open the door to further declines.
The pullback in silver comes after a period of gains driven by strong industrial demand and safe-haven buying. However, recent shifts in market sentiment, including expectations of prolonged higher interest rates from the Federal Reserve, have prompted profit-taking.
Traders are closely monitoring the $63.50 support zone, which aligns with the 50-day moving average. If this level holds, silver could attempt to recover toward the $65.00-$65.50 resistance area. Conversely, a daily close below $63.50 might accelerate selling pressure.