SILVER Forecast for May 7, 2026
Silver has fulfilled its bullish marginal cycle with high precision. We observe that price action briefly breached the Initial Zone, which coincides with the lower strike of the call spread at the 80.00 level.
Monitor this area closely; should the news backdrop be supportive, Silver is likely to extend its rally, with the 81.50 level serving as the next target.
News Context
Metals have stalled as players await Iran's response to the U.S. proposal. Metal prices stabilized following a decline in copper and aluminum. Traders are awaiting Iran's response to the new proposal from U.S. President Donald Trump aimed at resolving the conflict, which has been ongoing for nearly 10 weeks.