#TradFi交易分享挑战 Silver Encounters "Death Suppression"! US Treasury yields soar, bears take full control! XAGUSD Next Week Market Outlook

#TradFi交易分享挑战 Silver encounters "death suppression"! US Treasury yields soar, bears take full control! XAGUSD next week market outlook

Silver (XAGUSD) Short-term price trend range outlook: 88.50-75.00 This week, the silver market experienced a significant rise, driven by highly concentrated factors, with demand from major Asian countries leading the current price trend, while uncertainties caused by US tariff policies marginally amplified market volatility, pushing silver prices to touch the $89.36 level and hitting a high since March 10. However, two consecutive days of US inflation data reports show that the risk of reignited inflation has further increased, causing the market to shift expectations toward Fed rate hikes this year, which compresses the strong upward space for silver prices and causes silver to fall back to around $76. But on a larger narrative level, there is still some room for silver to rise. UBS global precious metals distribution head Andrew Matthews directly pointed out that major Asian countries are currently the only source of silver demand, while uncertainties in US tariff policies are creating additional chaos at the market structure level. While prices strengthen, UBS precious metals strategist Joni Teves maintains his year-end forecast unchanged: gold at $6,000, silver at $100, reasoning that the underlying logic supporting precious metals remains intact: continuous inflows from retail and institutional investors, and central bank gold buying trends are unlikely to reverse.

Since the beginning of this year, the role of major Asian countries in the silver market has undergone a clear shift. Over the past five years, this country was a net exporter of global silver concentrates, but a clear reversal occurred in 2026. In March, silver imports reached 528 tons, the largest monthly import in nearly two decades, transforming the country from a metal supplier to a phased demand absorber.

Meanwhile, demand has exploded from two directions: first, retail investors are heavily buying small silver bars, viewing them as substitutes for high-priced gold; second, solar energy manufacturers rushed to stockpile before the April 1st export tax rebate cancellation. The solar industry consumes about one-fifth of the global annual silver supply, with production capacity highly concentrated in this country. Alongside the surge in demand, NY silver inventories have been continuously declining.

Last year, CME inventories accumulated driven by tariff expectations have been gradually digested, with metal flows shifting from New York back to London and Zurich, and LBMA vault holdings rebounding. Andrew Matthews pointed out that effective delivery buffers in New York have thinned. Once metals leave New York, re-importing them is not simple, and the importance of source locations and customs processing increases. When inventories are ample, these details have limited impact; but in the current environment of low liquidity, any marginal uncertainty can leave marks on market structure rather than directly reflecting in spot prices. This also explains why basis volatility has re-emerged, EFP premiums for physical delivery have strengthened, and the London OTC market remains tight.

US tariff policy uncertainties are another disruptive factor in current market sentiment, but their impact is more due to market misinterpretation rather than substantive policy changes. US customs do not have a unified HS code for silver imports; market participants often use multiple codes, including 7106.91.10 for unwrought metals and 7106.92.1000 for semi-finished products. In January, a US Customs ruling reaffirmed the treatment of certain silver bars as semi-finished products, but this ruling applies to specific transactions and does not change overall rules. It merely highlights subjective judgment in classification, with reclassification risks objectively present.

Meanwhile, the statutory four-year review cycle for US Section 301 is underway, with application windows for actions in July and August 2018 extended to July and August this year. Matthews believes the baseline scenario is a quiet conclusion to this review, but markets tend to react to uncertainties before results are clear. He also notes that confusion surrounding Section 232 and critical mineral frameworks has heightened cautious sentiment toward Chinese-origin silver, even though these two measures have not changed the handling of silver imports. "Market impact is driven by misinterpretation, not policy action itself."

Considering all these factors, Matthews’s short-term view is: the tightness in OTC markets may persist, EFPs will remain volatile, and spot prices may have a short-term upward bias. But he emphasizes that the fundamental demand outside major Asian countries has not shown clear improvement; the current price strength driven by liquidity mismatches and policy misinterpretations is more likely temporary than structural. The core issues investors should focus on are: where the metals are stored, whether they can be moved conveniently, and how the uncertainty in classification and handling under thin delivery buffers affects marginal behavior.

Joni Teves remains optimistic from a longer-term perspective, believing that the diversification theme remains intact, with continuous inflows from retail and institutional funds and central bank gold purchases providing underlying support for precious metals. His year-end forecast of $100 for silver remains unchanged.

Another analyst firm pointed out that US April CPI and PPI inflation data both exceeded market expectations, further reinforcing the market consensus that the Fed will maintain high interest rates longer. According to traditional precious metals pricing logic, a strong dollar and high US Treasury yields should continue to suppress silver’s upside. Yet, silver has shown an independent, resilient downward trend, with the underlying logic of the market having undergone a fundamental shift, no longer relying on the often-discussed physical investment demand from Asia.

Since most global silver is a byproduct of copper, lead, and zinc mining, the supply elasticity is inherently limited. Even if silver prices rise sharply, mine capacity cannot be quickly released in the short term, and the industry has maintained a widening supply-demand gap for years. Coupled with technological upgrades in N-type photovoltaic cells, steady penetration of new energy vehicles, and large-scale AI server and computing hardware deployment, structural rigid industrial demand for silver has emerged. Substitute materials are not yet mature enough for large-scale silver replacement. Additionally, geopolitical tensions in the Middle East and potential disruptions in energy supply chains further boost long- and medium-term inflation expectations globally, supporting silver prices from a macro perspective.

Industry analysts unanimously view inventory depletion as a uniquely insightful perspective in this market, differentiating from traditional supply-demand analysis as a core variable. COMEX registered silver inventories have fallen from a peak of 531 million ounces on October 5, 2025, to about 315 million ounces, a significant overall shrinkage. In the first two months of 2026, a total of 95 million ounces of silver flowed out of the US, with single-period outflows exceeding total exports of previous years, creating a phased record for physical asset outflows. London’s free-floating silver inventories, though slightly recovering from last September’s lows, remain in a historically thin range, around 235 million ounces. MetalsFocus issued a warning that the current silver spot inventory structure is extremely fragile, with further inventory compression risks ahead.

JPMorgan analyst Greg Shearer also made a clear judgment: if US trade tariffs are reactivated, physical silver positions will shift again from the London International Exchange to the New York futures market, rapidly tightening global silver liquidity outside the US and potentially triggering short-term extreme volatility. The persistent decline of the gold-silver ratio signals silver’s relative strength and its phase-leading position in the precious metals sector. Bank of America analyst Michael Widmer remains extremely bullish, using the historical valuation regression of the gold-silver ratio to project a wide target range of $135 to $309 for 2026, with $135 corresponding to a return to the 2011 low of 32:1, and $309 aligning with the 1980 extreme ratio of 14:1. In stark contrast, UBS remains cautious, maintaining a target of around $80 for the year. The vast gap between UBS’s conservative estimate and BofA’s extreme bullish outlook reflects rare divergence among major commodity analysts, fully illustrating the disconnect between market logic on silver’s industrial premium, inventory squeeze effects, and safe-haven pricing. Even if the downward trend of the gold-silver ratio favors silver, the heavy short-term resistance from entrenched long positions exceeds the upward momentum from fundamentals, limiting the potential for long-term gains.

However, silver’s rally still faces clear macro pressures. Ongoing risks in the Strait of Hormuz, sustained high oil prices, and concerns over global energy supply tightening could further push inflation higher. Rising energy costs not only increase global manufacturing costs but may also prolong high interest rate policies among major central banks. For silver, a high-interest environment generally hampers price gains, as silver, like gold, does not generate interest income. During high-rate periods, some funds tend to shift toward higher-yielding dollar assets and bonds.

Recent tough rhetoric from US President Trump on Iran continues to heighten risk aversion. Trump stated that Iran’s issue will ultimately result in either an agreement or “total destruction.” Iran insists on the US lifting sanctions and recognizes sovereignty over the Strait of Hormuz. The geopolitical uncertainty in the Middle East is fueling increased market volatility and further elevating energy market risk premiums. While risk aversion usually benefits precious metals, sustained energy-driven inflation could reinforce market expectations for the Fed to keep rates high longer, thus maintaining high US Treasury yields and a strong dollar, which suppresses silver prices. Currently, the market broadly expects the Fed to maintain tightening policies longer to address persistent inflation risks.

On the technical side, daily charts show that silver’s overall price trend has been pressured from the upper Bollinger Band down to the middle band, with the 14-day RSI entering the 55-45 neutral zone, indicating a rebalancing pattern with balanced bullish and bearish forces. This suggests the current price movement remains in a consolidation phase, with technical indicators not yet showing a fundamental shift. The upper Bollinger Band at around $86.80 acts as a short-term dynamic resistance, while the middle band at about $77.70 provides a core support and a key point of divergence for bullish and bearish forces. The lower Bollinger Band at approximately $68.50 offers dynamic support.

In the short term, if the middle band fails to provide support, subsequent movements may be driven by “retracement from high levels to test the lower band.” The low opening of the Bollinger Bands and the downward slope of the three-line moving averages suggest that the nominal upward potential is limited, with the current volatility compression indicating a passive pressure scenario. This also warns of “double-line” risks under the macro environment, which could cause market sentiment to switch rapidly. If silver breaks below the lower Bollinger Band, bearish risk expectations will re-accumulate.

The MACD indicator shows DIFF at 1.6 and DEA at 0.6, with both lines and histogram having tested above zero and entered initial expansion, indicating that silver’s momentum is gradually shifting toward the bullish side. If the MACD expands further in positive territory, it would imply abundant upward momentum, reinforcing a short-term bullish outlook. Under the same macro bearish environment, silver’s price may also use time to “wait out” volatility, releasing emotional and positional pressures before a new round of allocation. Therefore, although the current trend is in a recovery phase, losing key support levels could still leave room for bullish correction.

Overall, technical indicators reflect moderate momentum and depict a market in a range-bound consolidation, consistent with “price recalibration during high-position and high-volatility release phases.” Before key technical levels are broken, the technical structure is more inclined toward upward exploration, with a gradual shift of the price center of gravity. However, repeated tests of the upper Bollinger Band with insufficient volume could increase the risk of a pullback to the lower band.

The technical structure on daily charts shows that recent continuous gains are driven by expanding global demand in new energy and electronics industries, with renewed market attention on silver’s industrial attributes, supporting ongoing capital inflows into precious metals. The market generally believes that global solar, electric vehicle, and electronics manufacturing demand for silver continues to grow. As a key industrial metal, silver is widely used in solar panels, semiconductors, electronic components, and automotive manufacturing, with the global green energy transition steadily raising long-term demand expectations. Nonetheless, silver remains well below the $100 level, reflecting cautious market sentiment on the premium outlook amid macro uncertainties. Rising oil prices further fuel inflation concerns, and Fed policy shifts toward tightening financial conditions push US Treasury yields and the dollar higher, increasing the holding costs for silver, which is highly sensitive to interest rates, leading to reduced long positions.

To strengthen bullish momentum, silver buyers need to confirm a firm hold above $88.50, consolidate positions in that zone, and trigger a “second resonance” of volume and momentum, which could open technical space for near-term to long-term nominal testing of the March 2 high around $96. Risks include market overheat and spillover effects, with potential for a reversion to mean or sharp correction if geopolitical or policy variables trigger liquidity reversals. If silver cannot hold above $88.50, watch for “stop-loss re-pricing and rebalancing,” which could lead to further short-term correction. The key support level is at $75.00; if this is broken, it could reopen downside space toward the recent bottom around $67.00, increasing the risk of a new correction phase.

In summary, the core logic of the silver market is gradually shifting from traditional safe-haven demand to a dynamic interplay between “growing industrial demand” and “global high-interest-rate environment.” As long as new energy industry demand remains strong, the medium- to long-term outlook for silver remains supported, but short-term high-level volatility risks are rising. The market generally believes that demand from solar, EV, and electronics sectors continues to grow, with industrial demand becoming a key support factor in the coming years. Some precious metals analysts suggest that the expansion of the global new energy industry is gradually changing the supply-demand structure of silver, with industrial demand potentially becoming a crucial driver for silver prices in the next few years. Driven by industrial demand, recent silver trends have outperformed some traditional precious metals. With the gradual recovery of manufacturing and increased new energy investments, market optimism about future silver consumption remains. However, macro pressures persist: ongoing Strait of Hormuz risks, high oil prices, and concerns over energy supply disruptions continue to push inflation higher, while Fed policy shifts toward tightening further increase Treasury yields and the dollar, raising silver’s holding costs and reducing long positions.

For silver, a high-interest environment generally hampers sustained price gains, as silver, like gold, does not generate interest income. During high-rate periods, some funds tend to shift toward higher-yielding dollar assets and bonds.

Recent tough rhetoric from US President Trump on Iran continues to heighten risk aversion. Trump stated that Iran’s issue will ultimately result in either an agreement or “total destruction.” Iran insists on the US lifting sanctions and recognizes sovereignty over the Strait of Hormuz. The geopolitical uncertainty in the Middle East is fueling increased market volatility and further elevating energy market risk premiums. While risk aversion usually benefits precious metals, sustained energy-driven inflation could reinforce market expectations for the Fed to keep rates high longer, thus maintaining high US Treasury yields and a strong dollar, which suppresses silver prices. Currently, the market broadly expects the Fed to maintain tightening policies longer to address persistent inflation risks.

On the technical side, daily charts show that silver’s overall price trend has been pressured from the upper Bollinger Band down to the middle band, with the 14-day RSI entering the 55-45 neutral zone, indicating a rebalancing pattern with balanced bullish and bearish forces. This suggests the current price movement remains in a consolidation phase, with technical indicators not yet showing a fundamental shift. The upper Bollinger Band at around $86.80 acts as a short-term dynamic resistance, while the middle band at about $77.70 provides a core support and a key point of divergence for bullish and bearish forces. The lower Bollinger Band at approximately $68.50 offers dynamic support.

In the short term, if the middle band fails to provide support, subsequent movements may be driven by “retracement from high levels to test the lower band.” The low opening of the Bollinger Bands and the downward slope of the three-line moving averages suggest that the nominal upward potential is limited, with the current volatility compression indicating a passive pressure scenario. This also warns of “double-line” risks under the macro environment, which could cause market sentiment to switch rapidly. If silver breaks below the lower Bollinger Band, bearish risk expectations will re-accumulate.

The MACD indicator shows DIFF at 1.6 and DEA at 0.6, with both lines and histogram having tested above zero and entered initial expansion, indicating that silver’s momentum is gradually shifting toward the bullish side. If the MACD expands further in positive territory, it would imply abundant upward momentum, reinforcing a short-term bullish outlook. Under the same macro bearish environment, silver’s price may also use time to “wait out” volatility, releasing emotional and positional pressures before a new round of allocation. Therefore, although the current trend is in a recovery phase, losing key support levels could still leave room for bullish correction.

Overall, technical indicators reflect moderate momentum and depict a market in a range-bound consolidation, consistent with “price recalibration during high-position and high-volatility release phases.” Before key technical levels are broken, the technical structure is more inclined toward upward exploration, with a gradual shift of the price center of gravity. However, repeated tests of the upper Bollinger Band with insufficient volume could increase the risk of a pullback to the lower band.

The technical structure on daily charts shows that recent continuous gains are driven by expanding global demand in new energy and electronics industries, with renewed market attention on silver’s industrial attributes, supporting ongoing capital inflows into precious metals. The market generally believes that global solar, electric vehicle, and electronics manufacturing demand for silver continues to grow. As a key industrial metal, silver is widely used in solar panels, semiconductors, electronic components, and automotive manufacturing, with the global green energy transition steadily raising long-term demand expectations. Nonetheless, silver remains well below the $100 level, reflecting cautious market sentiment on the premium outlook amid macro uncertainties. Rising oil prices further fuel inflation concerns, and Fed policy shifts toward tightening financial conditions push US Treasury yields and the dollar higher, increasing the holding costs for silver, which is highly sensitive to interest rates, leading to reduced long positions.

To strengthen bullish momentum, silver buyers need to confirm a firm hold above $88.50, consolidate positions in that zone, and trigger a “second resonance” of volume and momentum, which could open technical space for near-term to long-term nominal testing of the March 2 high around $96. Risks include market overheat and spillover effects, with potential for a reversion to mean or sharp correction if geopolitical or policy variables trigger liquidity reversals. If silver cannot hold above $88.50, watch for “stop-loss re-pricing and rebalancing,” which could lead to further short-term correction. The key support level is at $75.00; if this is broken, it could reopen downside space toward the recent bottom around $67.00, increasing the risk of a new correction phase.

In summary, the core logic of the silver market is gradually shifting from traditional safe-haven demand to a dynamic interplay between “growing industrial demand” and “global high-interest-rate environment.” As long as new energy industry demand remains strong, the medium- to long-term outlook for silver remains supported, but short-term high-level volatility risks are rising. The market generally believes that demand from solar, EV, and electronics sectors continues to grow, with industrial demand becoming a key support factor in the coming years. Some precious metals analysts suggest that the expansion of the global new energy industry is gradually changing the supply-demand structure of silver, with industrial demand potentially becoming a crucial driver for silver prices in the next few years. Driven by industrial demand, recent silver trends have outperformed some traditional precious metals. With the gradual recovery of manufacturing and increased new energy investments, market optimism about future silver consumption remains. However, macro pressures persist: ongoing Strait of Hormuz risks, high oil prices, and concerns over energy supply disruptions continue to push inflation higher, while Fed policy shifts toward tightening further increase Treasury yields and the dollar, raising silver’s holding costs and reducing long positions.

For silver, a high-interest environment generally hampers sustained price gains, as silver, like gold, does not generate interest income. During high-rate periods, some funds tend to shift toward higher-yielding dollar assets and bonds.

Recent tough rhetoric from US President Trump on Iran continues to heighten risk aversion. Trump stated that Iran’s issue will ultimately result in either an agreement or “total destruction.” Iran insists on the US lifting sanctions and recognizes sovereignty over the Strait of Hormuz. The geopolitical uncertainty in the Middle East is fueling increased market volatility and further elevating energy market risk premiums. While risk aversion usually benefits precious metals, sustained energy-driven inflation could reinforce market expectations for the Fed to keep rates high longer, thus maintaining high US Treasury yields and a strong dollar, which suppresses silver prices. Currently, the market broadly expects the Fed to maintain tightening policies longer to address persistent inflation risks.

On the technical side, daily charts show that silver’s overall price trend has been pressured from the upper Bollinger Band down to the middle band, with the 14-day RSI entering the 55-45 neutral zone, indicating a rebalancing pattern with balanced bullish and bearish forces. This suggests the current price movement remains in a consolidation phase, with technical indicators not yet showing a fundamental shift. The upper Bollinger Band at around $86.80 acts as a short-term dynamic resistance, while the middle band at about $77.70 provides a core support and a key point of divergence for bullish and bearish forces. The lower Bollinger Band at approximately $68.50 offers dynamic support.

In the short term, if the middle band fails to provide support, subsequent movements may be driven by “retracement from high levels to test the lower band.” The low opening of the Bollinger Bands and the downward slope of the three-line moving averages suggest that the nominal upward potential is limited, with the current volatility compression indicating a passive pressure scenario. This also warns of “double-line” risks under the macro environment, which could cause market sentiment to switch rapidly. If silver breaks below the lower Bollinger Band, bearish risk expectations will re-accumulate.

The MACD indicator shows DIFF at 1.6 and DEA at 0.6, with both lines and histogram having tested above zero and entered initial expansion, indicating that silver’s momentum is gradually shifting toward the bullish side. If the MACD expands further in positive territory, it would imply abundant upward momentum, reinforcing a short-term bullish outlook. Under the same macro bearish environment, silver’s price may also use time to “wait out” volatility, releasing emotional and positional pressures before a new round of allocation. Therefore, although the current trend is in a recovery phase, losing key support levels could still leave room for bullish correction.

Overall, technical indicators reflect moderate momentum and depict a market in a range-bound consolidation, consistent with “price recalibration during high-position and high-volatility release phases.” Before key technical levels are broken, the technical structure is more inclined toward upward exploration, with a gradual shift of the price center of gravity. However, repeated tests of the upper Bollinger Band with insufficient volume could increase the risk of a pullback to the lower band.

The technical structure on daily charts shows that recent continuous gains are driven by expanding global demand in new energy and electronics industries, with renewed market attention on silver’s industrial attributes, supporting ongoing capital inflows into precious metals. The market generally believes that global solar, electric vehicle, and electronics manufacturing demand for silver continues to grow. As a key industrial metal, silver is widely used in solar panels, semiconductors, electronic components, and automotive manufacturing, with the global green energy transition steadily raising long-term demand expectations. Nonetheless, silver remains well below the $100 level, reflecting cautious market sentiment on the premium outlook amid macro uncertainties. Rising oil prices further fuel inflation concerns, and Fed policy shifts toward tightening financial conditions push US Treasury yields and the dollar higher, increasing the holding costs for silver, which is highly sensitive to interest rates, leading to reduced long positions.

To strengthen bullish momentum, silver buyers need to confirm a firm hold above $88.50, consolidate positions in that zone, and trigger a “second resonance” of volume and momentum, which could open technical space for near-term to long-term nominal testing of the March 2 high around $96. Risks include market overheat and spillover effects, with potential for a reversion to mean or sharp correction if geopolitical or policy variables trigger liquidity reversals. If silver cannot hold above $88.50, watch for “stop-loss re-pricing and rebalancing,” which could lead to further short-term correction. The key support level is at $75.00; if this is broken, it could reopen downside space toward the recent bottom around $67.00, increasing the risk of a new correction phase.

In summary, the core logic of the silver market is gradually shifting from traditional safe-haven demand to a dynamic interplay between “growing industrial demand” and “global high-interest-rate environment.” As long as new energy industry demand remains strong, the medium- to long-term outlook for silver remains supported, but short-term high-level volatility risks are rising. The market generally believes that demand from solar, EV, and electronics sectors continues to grow, with industrial demand becoming a key support factor in the coming years. Some precious metals analysts suggest that the expansion of the global new energy industry is gradually changing the supply-demand structure of silver, with industrial demand potentially becoming a crucial driver for silver prices in the next few years. Driven by industrial demand, recent silver trends have outperformed some traditional precious metals. With the gradual recovery of manufacturing and increased new energy investments, market optimism about future silver consumption remains. However, macro pressures persist: ongoing Strait of Hormuz risks, high oil prices, and concerns over energy supply disruptions continue to push inflation higher, while Fed policy shifts toward tightening further increase Treasury yields and the dollar, raising silver’s holding costs and reducing long positions.

For silver, a high-interest environment generally hampers sustained price gains, as silver, like gold, does not generate interest income. During high-rate periods, some funds tend to shift toward higher-yielding dollar assets and bonds.

Recent tough rhetoric from US President Trump on Iran continues to heighten risk aversion. Trump stated that Iran’s issue will ultimately result in either an agreement or “total destruction.” Iran insists on the US lifting sanctions and recognizes sovereignty over the Strait of Hormuz. The geopolitical uncertainty in the Middle East is fueling increased market volatility and further elevating energy market risk premiums. While risk aversion usually benefits precious metals, sustained energy-driven inflation could reinforce market expectations for the Fed to keep rates high longer, thus maintaining high US Treasury yields and a strong dollar, which suppresses silver prices. Currently, the market broadly expects the Fed to maintain tightening policies longer to address persistent inflation risks.

On the technical side, daily charts show that silver’s overall price trend has been pressured from the upper Bollinger Band down to the middle band, with the 14-day RSI entering the 55-45 neutral zone, indicating a rebalancing pattern with balanced bullish and bearish forces. This suggests the current price movement remains in a consolidation phase, with technical indicators not yet showing a fundamental shift. The upper Bollinger Band at around $86.80 acts as a short-term dynamic resistance, while the middle band at about $77.70 provides a core support and a key point of divergence for bullish and bearish forces. The lower Bollinger Band at approximately $68.50 offers dynamic support.

In the short term, if the middle band fails to provide support, subsequent movements may be driven by “retracement from high levels to test the lower band.” The low opening of the Bollinger Bands and the downward slope of the three-line moving averages suggest that the nominal upward potential is limited, with the current volatility compression indicating a passive pressure scenario. This also warns of “double-line” risks under the macro environment, which could cause market sentiment to switch rapidly. If silver breaks below the lower Bollinger Band, bearish risk expectations will re-accumulate.

The MACD indicator shows DIFF at 1.6 and DEA at 0.6, with both lines and histogram having tested above zero and entered initial expansion, indicating that silver’s momentum is gradually shifting toward the bullish side. If the MACD expands further in positive territory, it would imply abundant upward momentum, reinforcing a short-term bullish outlook. Under the same macro bearish environment, silver’s price may also use time to “wait out” volatility, releasing emotional and positional pressures before a new round of allocation. Therefore, although the current trend is in a recovery phase, losing key support levels could still leave room for bullish correction.

Overall, technical indicators reflect moderate momentum and depict a market in a range-bound consolidation, consistent with “price recalibration during high-position and high-volatility release phases.” Before key technical levels are broken, the technical structure is more inclined toward upward exploration, with a gradual shift of the price center of gravity. However, repeated tests of the upper Bollinger Band with insufficient volume could increase the risk of a pullback to the lower band.

The technical structure on daily charts shows that recent continuous gains are driven by expanding global demand in new energy and electronics industries, with renewed market attention on silver’s industrial attributes, supporting ongoing capital inflows into precious metals. The market generally believes that global solar, electric vehicle, and electronics manufacturing demand for silver continues to grow. As a key industrial metal, silver is widely used in solar panels, semiconductors, electronic components, and automotive manufacturing, with the global green energy transition steadily raising long-term demand expectations. Nonetheless, silver remains well below the $100 level, reflecting cautious market sentiment on the premium outlook amid macro uncertainties. Rising oil prices further fuel inflation concerns, and Fed policy shifts toward tightening financial conditions push US Treasury yields and the dollar higher, increasing the holding costs for silver, which is highly sensitive to interest rates, leading to reduced long positions.

To strengthen bullish momentum, silver buyers need to confirm a firm hold above $88.50, consolidate positions in that zone, and trigger a “second resonance” of volume and momentum, which could open technical space for near-term to long-term nominal testing of the March 2 high around $96. Risks include market overheat and spillover effects, with potential for a reversion to mean or sharp correction if geopolitical or policy variables trigger liquidity reversals. If silver cannot hold above $88.50, watch for “stop-loss re-pricing and rebalancing,” which could lead to further short-term correction. The key support level is at $75.00; if this is broken, it could reopen downside space toward the recent bottom around $67.00, increasing the risk of a new correction phase.

In summary, the core logic of the silver market is gradually shifting from traditional safe-haven demand to a dynamic interplay between “growing industrial demand” and “global high-interest-rate environment.” As long as new energy industry demand remains strong, the medium- to long-term outlook for silver remains supported, but short-term high-level volatility risks are rising. The market generally believes that demand from solar, EV, and electronics sectors continues to grow, with industrial demand becoming a key support factor in the coming years. Some precious metals analysts suggest that the expansion of the global new energy industry is gradually changing the supply-demand structure of silver, with industrial demand potentially becoming a crucial driver for silver prices in the next few years. Driven by industrial demand, recent silver trends have outperformed some traditional precious metals. With the gradual recovery of manufacturing and increased new energy investments, market optimism about future silver consumption remains. However, macro pressures persist: ongoing Strait of Hormuz risks, high oil prices, and concerns over energy supply disruptions continue to push inflation higher, while Fed policy shifts toward tightening further increase Treasury yields and the dollar, raising silver’s holding costs and reducing long positions.

For silver, a high-interest environment generally hampers sustained price gains, as silver, like gold, does not generate interest income. During high-rate periods, some funds tend to shift toward higher-yielding dollar assets and bonds.

Recent tough rhetoric from US President Trump on Iran continues to heighten risk aversion. Trump stated that Iran’s issue will ultimately result in either an agreement or “total destruction.” Iran insists on the US lifting sanctions and recognizes sovereignty over the Strait of Hormuz. The geopolitical uncertainty in the Middle East is fueling increased market volatility and further elevating energy market risk premiums. While risk aversion usually benefits precious metals, sustained energy-driven inflation could reinforce market expectations for the Fed to keep rates high longer, thus maintaining high US Treasury yields and a strong dollar, which suppresses silver prices. Currently, the market broadly expects the Fed to maintain tightening policies longer to address persistent inflation risks.

On the technical side, daily charts show that silver’s overall price trend has been pressured from the upper Bollinger Band down to the middle band, with the 14-day RSI entering the 55-45 neutral zone, indicating a rebalancing pattern with balanced bullish and bearish forces. This suggests the current price movement remains in a consolidation phase, with technical indicators not yet showing a fundamental shift. The upper Bollinger Band at around $86.80 acts as a short-term dynamic resistance, while the middle band at about $77.70 provides a core support and a key point of divergence for bullish and bearish forces. The lower Bollinger Band at approximately $68.50 offers dynamic support.

In the short term, if the middle band fails to provide support, subsequent movements may be driven by “retracement from high levels to test the lower band.” The low opening of the Bollinger Bands and the downward slope of the three-line moving averages suggest that the nominal upward potential is limited, with the current volatility compression indicating a passive pressure scenario. This also warns of “double-line” risks under the macro environment, which could cause market sentiment to switch rapidly. If silver breaks below the lower Bollinger Band, bearish risk expectations will re-accumulate.

The MACD indicator shows DIFF at 1.6 and DEA at 0.6, with both lines and histogram having tested above zero and entered initial expansion, indicating that silver’s momentum is gradually shifting toward the bullish side. If the MACD expands further in positive territory, it would imply abundant upward momentum, reinforcing a short-term bullish outlook. Under the same macro bearish environment, silver’s price may also use time to “wait out” volatility, releasing emotional and positional pressures before a new round of allocation. Therefore, although the current trend is in a recovery phase, losing key support levels could still leave room for bullish correction.

Overall, technical indicators reflect moderate momentum and depict a market in a range-bound consolidation, consistent with “price recalibration during high-position and high-volatility release phases.” Before key technical levels are broken, the technical structure is more inclined toward upward exploration, with a gradual shift of the price center of gravity. However, repeated tests of the upper Bollinger Band with insufficient volume could increase the risk of a pullback to the lower band.

The technical structure on daily charts shows that recent continuous gains are driven by expanding global demand in new energy and electronics industries, with renewed market attention on silver’s industrial attributes, supporting ongoing capital inflows into precious metals. The market generally believes that global solar, electric vehicle, and electronics manufacturing demand for silver continues to grow. As a key industrial metal, silver is widely used in solar panels, semiconductors, electronic components, and automotive manufacturing, with the global green energy transition steadily raising long-term demand expectations. Nonetheless, silver remains well below the $100 level, reflecting cautious market sentiment on the premium outlook amid macro uncertainties. Rising oil prices further fuel inflation concerns, and Fed policy shifts toward tightening financial conditions push US Treasury yields and the dollar higher, increasing the holding costs for silver, which is highly sensitive to interest rates, leading to reduced long positions.

To strengthen bullish momentum, silver buyers need to confirm a firm hold above $88.50, consolidate positions in that zone, and trigger a “second resonance” of volume and momentum, which could open technical space for near-term to long-term nominal testing of the March 2 high around $96. Risks include market overheat and spillover effects, with potential for a reversion to mean or sharp correction if geopolitical or policy variables trigger liquidity reversals. If silver cannot hold above $88.50, watch for “stop-loss re-pricing and rebalancing,” which could lead to further short-term correction. The key support level is at $75.00; if this is broken, it could reopen downside space toward the recent bottom around $67.00, increasing the risk of a new correction phase.

In summary, the core logic of the silver market is gradually shifting from traditional safe-haven demand to a dynamic interplay between “growing industrial demand” and “global high-interest-rate environment.” As long as new energy industry demand remains strong, the medium- to long-term outlook for silver remains supported, but short-term high-level volatility risks are rising. The market generally believes that demand from solar, EV, and electronics sectors continues to grow, with industrial demand becoming a key support factor in the coming years. Some precious metals analysts suggest that the expansion of the global new energy industry is gradually changing the supply-demand structure of silver, with industrial demand potentially becoming a crucial driver for silver prices in the next few years. Driven by industrial demand, recent silver trends have outperformed some traditional precious metals. With the gradual recovery of manufacturing and increased new energy investments, market optimism about future silver consumption remains. However, macro pressures persist: ongoing Strait of Hormuz risks, high oil prices, and concerns over energy supply disruptions continue to push inflation higher, while Fed policy shifts toward tightening further increase Treasury yields and the dollar, raising silver’s holding costs and reducing long positions.

For silver, a high-interest environment generally hampers sustained price gains, as silver, like gold, does not generate interest income. During high-rate periods, some funds tend to shift toward higher-yielding dollar assets and bonds.

Recent tough rhetoric from US President Trump on Iran continues to heighten risk aversion. Trump stated that Iran’s issue will ultimately result in either an agreement or “total destruction.” Iran insists on the US lifting sanctions and recognizes sovereignty over the Strait of Hormuz. The geopolitical uncertainty in the Middle East is fueling increased market volatility and further elevating energy market risk premiums. While risk aversion usually benefits precious metals, sustained energy-driven inflation could reinforce market expectations for the Fed to keep rates high longer, thus maintaining high US Treasury yields and a strong dollar, which suppresses silver prices. Currently, the market broadly expects the Fed to maintain tightening policies longer to address persistent inflation risks.

On the technical side, daily charts show that silver’s overall price trend has been pressured from the upper Bollinger Band down to the middle band, with the 14-day RSI entering the 55-45 neutral zone, indicating a rebalancing pattern with balanced bullish and bearish forces. This suggests the current price movement remains in a consolidation phase, with technical indicators not yet showing a fundamental shift. The upper Bollinger Band at around $86.80 acts as a short-term dynamic resistance, while the middle band at about $77.70 provides a core support and a key point of divergence for bullish and bearish forces. The lower Bollinger Band at approximately $68.50 offers dynamic support.

In the short term, if the middle band fails to provide support, subsequent movements may be driven by “retracement from high levels to test the lower band.” The low opening of the Bollinger Bands and the downward slope of the three-line moving averages suggest that the nominal upward potential is limited, with the current volatility compression indicating a passive pressure scenario. This also warns of “double-line