Silver Prices Bounce Back Above Key Moving Average

Silver prices closed higher on Friday after crossing above its 50-day moving average at $63.77, which has been controlling the near-term direction of the market over the past two weeks.

The daily swing chart indicates that the main trend is still down, but a break above $67.55 would change this to an uptrend.

The Treasury yields and dollar cap have been putting pressure on silver prices, with the 10-year yield settling at a 19-year high of 5.167% on Friday.

A move back toward 5.225% would continue to keep silver prices under pressure, making it harder for buyers to gain control.