As we noted in our Friday analysis, the metals sector was overdue for a rally, and that move is now underway. Silver has attracted strong buying and has surged past the key $85 level to start the week, up 7% on the session.
Silver recently broke through the resistance zone between the resistance level 70.00 and the resistance trendline of the daily Triangle from February.
Silver strengthened after reclaiming its 100-day moving average, improving the bullish outlook and raising the potential for a continuation toward higher resistance levels.
Silver Price Analysis: Tests $86.00 as rally gains momentum
Silver (XAG/USD) update: The Grey metal officially enters a major breakout phase, surging 7% to clear the $85 handle. Decoupling from Gold's typical lead and fueled by signs of an industrial recovery in China, Silver is reclaiming its role as a high-demand industrial asset.
Silver jumped right off the bat on Monday, as we continue to see a lot of momentum in this market. With this, traders are also watching the risk appetite when it comes to interest rates, and the news moving them.
Silver bulls are quietly winning an important battle — even if prices are not exploding higher yet. Under normal market conditions, Silver should have suffered a much deeper pullback by now.
Silver prices hold steady despite rising Treasury yields, a stronger dollar and surging oil prices as traders watch CPI and key support levels.
Silver price today: Silver broadly unchanged, according to FXStreet data
Silver Price Forecast: XAG/USD rises to near 80.50 as bullish bias prevails
Silver Price Forecast: XAG/USD rises toward $81.00 despite cautious Fed's outlook
Gold and silver remain volatile as U.S.-Iran tensions, rising oil prices, a stronger U.S. dollar, and upcoming inflation data shape the next move in precious metals.