Spot silver prices rose for a third straight session on Friday, gaining 7.78%. XAGUSD settled at $84.63, up $6.11. The metal closed above its 50-day moving average of $81.72, signaling an upside bias.
This close above key technical levels positions silver to challenge the swing top at $86.32. A move past this level could push prices towards the February 4 swing top of $92.20.
Several factors supported silver prices. These included the threat of conflict between the United States and Iran, a Supreme Court ruling against emergency tariff powers, and a new 15% global tariff announcement.
However, falling chances of a Federal Reserve rate cut in June limited Friday’s rally. The CME FedWatch Tool shows a 44% chance of a 25-basis-point cut, down from earlier expectations.
Traders will now focus on whether this technical momentum can continue. The central focus for silver prices will likely remain on Federal Reserve policy.