Silver

Key insight

Silver has shed over 50% from its January 2026 peak of ~$115 and now trades in a falling wedge pattern; a confirmed close above $61.50 would signal a potential trend reversal toward $70.73, but the US-Iran geopolitical escalation is keeping the USD and bond yields elevated, capping the upside.

Silver is trading at $57.47, caught between the key $54.25 structural support and the critical $61.50 prior-low resistance, with bullish industrial demand fundamentals offset by a higher-for-longer Fed rate backdrop.

Main risk

US-Iran Conflict Escalation & Oil Shock Risk Premium

Houthi strikes on Saudi tankers in the Red Sea have pushed crude to six-week highs near $91, keeping inflationary pressure elevated and reducing the probability of Fed rate cuts, which in turn strengthens the USD and suppresses silver.