Silver prices rose last week, driven by geopolitical concerns in the Middle East. The metal solidified support between $74.99 and $74.63. It also moved past minor resistance at $83.61.
Silver now challenges a significant resistance area. This zone sits between $92.87 and $99.66. Traders showed interest around support levels over the past two weeks.
Geopolitical developments, particularly between the United States and Iran, are fueling silver’s short-term gains. President Trump mentioned a 10-to-15-day window for a possible U.S. Navy attack. This follows issues with U.S.-Iran negotiations.
Uncertainty over new tariffs also plays a role. The Supreme Court is ruling on the legality of President Trump’s tariffs, including a new 15% tariff. However, analysts suggest tariffs may not have a lasting impact on silver prices.
The CME FedWatch Tool shows a 45.4% chance for a June rate cut. This is not a strong bullish signal for silver. The primary driver for silver’s current price action appears to be geopolitics surrounding the United States and Iran. A decision on a new nuclear deal or military action is expected by Thursday or Friday.