Usman Salis
Silver has had a lively few sessions. After sliding to the 87.40 area, the metal snapped back and has been grinding its way toward $90 - a level that's turning out to be more stubborn than it looks. Right now, price is bumping up against the 0.786 Fibonacci retracement zone between 89.85 and 90.20, and how it handles this zone will likely set the tone for near-term direction.
Silver Rebounds 2.9% from 87.40 - Can Bulls Push Past $90?
The recovery from 87.40 hasn't been sloppy. Price has carved out a series of higher lows along the way, which is usually a decent sign that buyers mean business. According to Silver Holds 88.80-90.00 Range as Resistance Caps Upside at 91.20, the 88.80-90.00 band has been doing a real job capping upside moves -- so breaking cleanly above 90.60 would be meaningful. If that happens, the next logical targets are 91.20 and then 95.00.
On the flip side, 88.80 and 87.40 remain the key supports to watch. A slide below those opens the door to 86.48 and 85.83 - levels that would put a serious dent in the current bullish setup.
RSI at 60-62 and Rising Volume Signal Short-Term Strength
Momentum is backing the bulls - at least for now. RSI is sitting around 60-62, positive but not screaming overbought. Volume picked up during the rebound, and Volume Delta is showing net buying pressure. The Volume Profile's point of control near 87.41 marks where the heaviest trading took place, and Bollinger Bands are widening as price pushes toward the upper band - a sign volatility is building. Parabolic SAR dots are still below price, keeping the short-term trend intact.
Context matters here too. As covered in Silver Price Momentum Pauses After Multi-Year Surge, silver's broader momentum has been extraordinary - which makes these resistance tests all the more consequential. A softer US dollar could give the metal extra lift, while demand signals from China and shifts in Fed rate expectations will likely influence what happens next.
Worth keeping in mind: silver doesn't always play nice near big round numbers. After the kind of move described in Silver Price Analysis: XAG/USD Drops 26% in Historic Daily Selloff, the market has learned that silver can move hard and fast in either direction. A clean break above 90.60 would be encouraging - but a rejection here could send price back to test lower supports quickly.
Usman Salis
