Silver

Key insight

Silver has shed over 48% from its January 26 all-time high of $115.15 but is now staging a multi-day recovery from the $55–$57 base, with today's +1.49% gain suggesting bulls are defending the critical $58.00 200-day MA equivalent support cluster — a close above $60.00 would be a significant technical confirmation.

Silver is reclaiming the $59–$60 psychological zone with gold surging +1.4% on the day, driving the gold/silver ratio tighter and confirming precious metals safe-haven momentum amid the active US-Iran military conflict.

Main risk

US-Iran Conflict & Rate Expectations

An escalation of the US-Iran military conflict raises the probability of higher-for-longer Fed rates — a structural headwind for non-yielding silver — even as the same conflict provides short-term safe-haven support near $59.