Silver Struggles Below $60 Amid Death Cross and Negative Sentiment

Silver has been struggling to hold above $60 after peaking at nearly $128 in January. The metal currently trades at around $58.61, according to TradingView. Despite some early positivity in pre-market trading, the overall market sentiment remains negative, with sellers returning anytime there is an overbought condition.

The silver market has been characterized by a grind back and forth, with many questions being asked about the importance of the $60 level. This level was previously significant, but after slicing through it a couple of times, its importance may be diminishing.

One key factor affecting the silver market is interest rates in America, which have drifted lower recently. This can help silver prices, as it is highly sensitive to interest rates. However, at this point, it's more about the overall negative sentiment in the market.