Silver prices saw a modest rally at the start of the week, driven by renewed conflict in the Middle East. The precious metal initially jumped before pulling back to its opening levels, reflecting a cautious market response.
Despite the geopolitical developments, the broader metals market has shown only reasonable bullishness, not a panicked surge. Silver was already on an upward trend before the recent events, suggesting current movements align with its existing trajectory.
Looking ahead, an analyst suggests silver could eventually target the $100 level. Significant support is anticipated around $90. A break below this could see prices test $87 or $80, where the 50-day Exponential Moving Average currently sits.
The long-term outlook points to a potential move towards $110, based on previous consolidation patterns. Buying on dips remains a key strategy for traders in this market, which has maintained a strong upward trend for an extended period.