Quick overview

Silver (XAG/USD) prices jumped on February 23, 2026, rising 6% in one day to $87.30 and outpacing gold. This surge comes after President Trump’s 15% global tariffs and another year of market deficits. Analysts are now watching for a possible move back to $100. Key technical levels and strong demand from AI industries are helping drive this rally.

Market Alert: Silver Reclaims $87 in Explosive High-Beta Rally

Gold is still rising steadily, but today silver took center stage with a sharp 6% jump, reaching $87.30. This is a strong comeback after some early February swings, when silver briefly dropped after a speculative spike.

• Spot Silver: Trading between $86.90 and $87.30, marking its highest level in over two weeks.
• Intraday Performance: Today, silver is outperforming gold by three times, showing how it acts as a more sensitive investment during times of global uncertainty.

Why Is Silver Exploding Today? The Fundamental Drivers

Silver is both a safe-haven investment and an important industrial metal, which is causing a special supply and demand crunch.

1. The “Tariff Chaos” Catalyst

Uncertainty is the main reason for today’s price jump. After the U.S. Supreme Court ended “reciprocal tariffs,” President Trump responded with a 15% global tariff by executive order. This change has brought back worries about trade wars and inflation, pushing investors toward hard assets to protect against a possibly unstable U.S. dollar.

2. Geopolitical “Risk Premium”

Washington has given Iran a strict 10-to-15-day deadline on nuclear enrichment, which has added a big risk premium to metals. Because silver is more volatile, it tends to react strongly to this kind of news, which explains today’s large gains.

3. The Sixth Year of Structural Deficits

The Silver Institute says the market will face its sixth year in a row of shortages in 2026, with a shortfall of 67 million ounces expected. Even though solar companies are using less silver per panel, strong demand from AI data centers, electric vehicles, and advanced semiconductors is making up for it. [[XAG/USD-graph]]

Silver (XAG/USD) Technical Analysis: Breakout Targets $92 and Beyond

Looking at the 4-hour chart, XAG/USD has moved above the $84.91 resistance level, breaking a long-term downward trend.

• Dynamic Support: Silver has moved back above its 50-period and 100-period moving averages, both around $82.20, which now act as strong support levels.
• Upside Targets: Now that $84.91 has been cleared, the next likely targets are $92.31 and then the key $100.00 level.
• Momentum: The Relative Strength Index (RSI) is now above 60, showing more buyers are entering the market, but it hasn’t reached an extreme level yet.

2026 Price Forecast: Bull vs. Bear Scenarios

Analysts disagree on whether silver will reach its $120 all-time high again this year, but most agree that prices are unlikely to fall much lower.

The Bottom Line: In summary, silver is acting both as a safe investment during uncertain times and as an important material for green energy and AI. Even though prices are still volatile, the strong momentum shows that support above $80 is solid, and buyers are leading the market between $87 and $92.

Trade Idea: Consider buying if silver pulls back toward $85.00, aiming for a target of $92.30 and using a stop-loss below the 50-period moving average at $82.20.

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.

His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.

His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

Related Articles