Silver

Key insight

Silver has crashed nearly 48% from its January 26 2026 all-time high of $115.15, and at $59.70 it sits at a critical make-or-break juncture: a sustained close above $61.50 (prior consolidation resistance) would signal a recovery base, while a break below $57.00 (recent swing low) would open a move toward $52–$53.

Silver at $59.70 is consolidating near the $59–$60 psychological zone, caught between a bullish geopolitical bid from the U.S.-Iran conflict and a bearish drag from the ~48% correction off the January 2026 peak of $115.15, with the 50-day MA acting as near-term resistance.

Main risk

U.S.-Iran conflict escalation driving rate-hike expectations

An extended Middle East war raises the probability of higher-for-longer U.S. interest rates, increasing the opportunity cost of holding non-yielding silver and threatening further downside toward $52.00.