XAG/USD jumps over 7% to breach key resistance at $85.00, targeting $90.00 as bullish momentum accelerates.
Silver prices climbed more than 7% to $86.00 per troy ounce, breaking through critical resistance at $83.05 and the psychological $85.00 level. The rally signals strong buying interest, with traders now eyeing the next resistance at $90.01, the March 10 high.
Prior to this move, silver had struggled to sustain gains above $83.05, a level last tested in mid-April. The Relative Strength Index (RSI) neared overbought territory, reinforcing expectations of further upside. Support levels now rest at $83.05, followed by the 100-day Simple Moving Average at $80.22.
If silver clears $90.01, the next target is the March 2 swing high of $96.39, with $100.00 emerging as a longer-term objective. Downside risks include a pullback to $77.04, the 50-day SMA.