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Silver prices have rebounded after Monday's sharp 7% rally, currently trading at $86.58 with a 0.69% gain following a low of $83.05. The metal is approaching a critical resistance level at $90.00, driven by renewed industrial demand, inflation-hedging appeal, and speculative buying. Technical indicators show bullish momentum with the RSI above 50 and the 50-day moving average acting as support. Traders are closely monitoring whether the $90 level can be breached to confirm a sustained uptrend.
The surge in silver prices impacts global markets by affecting mining companies, jewelry manufacturers, and investors using precious metals as inflation hedges. For traders, the $90 psychological level represents a key technical target that could attract further buying interest if cleared. The move also reflects broader market sentiment, with investors rotating into commodities amid concerns about central bank policy shifts.
MENA investors should watch for follow-through volume at $90 and potential spillover effects on gold prices. Technical analysts suggest monitoring the 200-day moving average as a long-term support level. Upcoming US economic data releases and geopolitical tensions in key silver-producing regions like Mexico and Peru could provide additional catalysts for price movement.
