The silver market opened higher Tuesday. Prices then fell significantly before bouncing back. Traders are watching the $90 level closely.
The $90 price point is a key psychological barrier. It also represents the top of the current consolidation range. A daily close above $90 could push silver higher.
Breaking above $90 could target the $100 level. Conversely, short-term pullbacks may test the $80 level. The 50-day Exponential Moving Average also sits near $80.
A drop below $80 could open the door to $70. This level is currently seen as the bottom of the range. The market has faced recent volatility, leading to a period of consolidation as confidence returns.