Silver trades at $90.05 as of writing, posting gains of 8% over both the past seven and 30 days. The metal briefly climbed above record highs at $93 earlier in the week before pulling back. That move marked a historic breakout that pushed silver into price discovery.
Market participants now focus on whether the $90 level can act as support. Can this zone hold under pressure?
Pullback Follows Shift in Risk Sentiment
Silver prices have eased inthe last 24 hours as investors rotate toward risk assets. Comments from U.S. President Donald Trump helped calm geopolitical concerns after he signaled a step back from potential military action following assurances of reduced violence abroad. Those remarks softened demand for safe-haven assets across the board.
Market confidence also improved after Trump confirmed he has no plans to remove Federal Reserve Chair Jerome Powell. That stance reduced concerns about central bank independence, which had supported precious metals during recent uncertainty.
At the same time, the absence of immediate new tariff actions on strategic products helped cool trade tensions. Together, these developments pressured silver in the short term.
Macro Forces Still Shape Price Action
Despite the pullback, broader macro conditions continue to influence silver trading. Expectations for higher-for-longer U.S. interest rates weigh on non-yielding assets. Recent employment data showed resilience in the U.S. labor market, reinforcing the case for restrictive monetary policy. Elevated bond yields continue to compete with precious metals for capital.
Even so, investors remain alert. Federal Reserve communications and geopolitical developments still carry the power to shift sentiment quickly. Short-term profit-taking explains much of the current move, rather than a fundamental change in demand dynamics. Volatility remains part of the story.
Investor Demand and Search Interest Surge
Silver prices have already climbed about 25% in early 2026, following a near-150% gain in 2025. That momentum has drawn widespread attention. Online search interest for silver doubled after the $90 breakout, reflecting growing retail and institutional engagement.
Why does this matter? Attention often follows capital, and recent data show strong participation.
Source: Google Trends
Vanda data revealed that retail investors spent $921.8 million on silver-linked ETFs over the past month. The iShares Silver Trust recorded 169 consecutive days of positive inflows, a record streak.
Researchers at Vanda described the trend as structural accumulation rather than speculative chasing. They noted that investors now treat silver as a core macro asset, not a short-term trade.
Source: Vanda via X
Physical Markets Add Another Layer
Physical demand also plays a role. Heavy buying in 2025 led to rising stockpiles in U.S. warehouses, which disrupted traditional global silver flows. London, the historic hub for silver trading, faced tighter availability as a result.
These shifts followed concerns about potential U.S. tariffs on precious metals, which prompted buyers to secure supply early. Although tariff threats eased this week, inventory patterns continue to influence pricing behavior.
Technical Signals Point to Ongoing Correction
From a technical perspective, silver shows signs of a corrective phase rather than a trend reversal. Prices approach a descending trendline on shorter timeframes, with resistance near the $91.00 to $90.80 zone.
Analysts monitor support around $88.50, with deeper demand zones near $86.00 where prior buying emerged. Price structure remains bearish in the short term, though broader momentum still reflects strength.
Source: TradingView via X
CoinCodex forecasts suggest a possible price continuation toward $122 by mid-February 2026, after the current short-term corrective phase. Silver recorded green sessions on 83% of days over the last 30 days, alongside elevated volatility. That combination highlights an active, crowded market.
As silver consolidates after its $90 breakout, investors continue to watch sentiment, macro signals, and technical levels. The rally captured global attention. The next phase will test conviction.
Source: https://coinpaper.com/13828/silver-price-rally-search-interest-doubles-after-90-breakout
