Silver prices rose sharply on Monday. The metal showed strong momentum and broke through significant resistance levels. This indicates bullish sentiment among traders.
Market participants are closely watching interest rates. Higher rates can influence silver’s performance. Traders are also monitoring overall risk appetite.
The $90 level is a key target for silver. It is considered a strong resistance point. The market has consolidated between $70 and $90 for some time.
Analysts point to a global shortage of silver. This supply issue could continue to affect the market.