Silver

Key insight

Silver is consolidating ~47% below its January 2026 all-time high near $115, making current levels a deep cyclical pullback opportunity — but the immediate battle is the $60.00 round number, a break of which opens the door to a rapid re-test of the $65–$70 zone.

Silver is holding above the key $57.00 prior-week support and extending its recovery toward the psychological $60.00 round-number resistance, supported by geopolitical safe-haven demand and gold's concurrent +1.1% rally to $4,123.

Main risk

US-Iran escalation triggering risk-off flight and Fed rate-hike repricing

Trump's rejection of near-term Iran talks and Houthi attacks on Red Sea shipping risk stoking inflation fears, prompting markets to price in a more hawkish Fed path that would lift real yields and pressure non-yielding silver below the $55.00 mid-channel support.