Silver prices found buyers this week after an initial gap lower. The precious metal plunged at the start of the week but has since shown signs of recovery.
The market eyes a major floor near the $70 level. Traders expect silver to remain above this critical support. A rally from current levels could see prices test the $80 mark.
Reaching $80 could open the possibility of a return to the $90 level. Currently, $80 is seen as a fair value for silver. Interest rates, influenced by events in the Middle East, are a primary driver for the market, rather than supply and demand.
The market remains noisy due to geopolitical headlines. A break below $70 could potentially send silver down to $60. However, this scenario is unlikely unless U.S. interest rates rise sharply. Traders are monitoring potential U.S. actions in the Middle East.