Silver prices are testing a significant resistance level at $90. The metal has struggled to advance against a backdrop of rising interest rates.
Analysts see the $90 mark as a strong psychological barrier. Downward pressure is expected around this figure. The market may eventually revert to an $80 price range.
A key support level for silver sits at $70. A move above $90, however, could open the path toward $100.
High interest rates in the United States are expected to weigh on silver in the long term. Short-term trading has largely overlooked this factor. Some traders also note that supply may not be meeting demand.
Traders are wary of shorting the market due to underlying strength. They also advise against chasing prices higher. A “buy on the dip” strategy is gaining interest, despite expectations of continued short-term struggle.