Silver Price Analysis – Silver Continues to See $90 as a Massive Barrier

Silver Technical Analysis

The silver market initially rallied during the trading session on Thursday but gave back gains pretty quickly to start falling again. The $90 level above remains a major barrier to get past, and it looks like we are going to struggle to do so. If the market were to fall from here, it’s likely that we are going to see the $80 level be a potential target. If we were to break above the $90 level, that would obviously be very bullish for silver, perhaps opening up a move to the $95 level. This is an area that proved itself to be difficult to break above.

Interest Rates and Supply Dynamics

Interest rates in America have been cooling off just a touch during trading on Thursday, so that could help eventually, but if they start to spike again, that will just put more downward pressure on silver. All things being equal, this is a market that has a massive supply problem as there is not enough silver out there to get the market satiated, as the artificial intelligence trade remains a big part of the trading landscape.

I think eventually we will go much higher, but it is going to take a certain amount of good news coming out of the Middle East, I think, to get people out of the bond market and chasing those yields and start to chase metal again. We did see that correlation breakdown a bit over the last several sessions, but it still remains a theme that you need to watch in this market.

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