Silver Jumps To 2-Month Highs – Ole Hansen Pegs $91.5 As Key Level To Watch

• Hansen said silver futures breaking above the $82.20 and $82.70 levels likely triggered momentum-driven and technical buying from leveraged accounts.
• Relatively weak Shanghai premiums suggest Chinese demand is not the main factor behind the recent surge, Hansen said in a post on X.
• PAAS, AG, HL shares jump more than 4% in morning trade.

Spot silver surged above $85 an ounce for the first time in nearly two months as technical buying and momentum-driven trades fueled a powerful rally that has lifted the metal’s prices roughly 15% this month.

At the time of writing, spot silver (XAG/USD) was up nearly 6% to $85 an ounce, while silver futures for July 2026 deliveries also climbed nearly 6% to $85.6 per ounce. Last week, Spot Silver posted its strongest weekly performance since late February.

Hansen: Silver Futures Break Key Resistance Levels

In a post on X on Monday, veteran commodities expert and Head of Commodity Strategy at Saxo Bank, Ole Hansen, said that silver futures breaking above the $82.20 and $82.70 levels likely triggered momentum-driven and technical buying from leveraged accounts, many of whom had stayed on the sidelines for weeks.

The rally is also being supported by strength in industrial metals, especially copper, which continued climbing after breaking key resistance levels last week, he added.

Meanwhile, relatively weak Shanghai premiums suggest Chinese demand is not the main driver of the recent surge, with the next key technical level for silver at around $91.50, according to Hansen.

SLV: Retail Sentiment Turns ‘Bullish’

Retail sentiment for iShares Silver Trust (SLV) on Stocktwits turned ‘bullish’ for the first time in more than a year, while message volumes remained ‘high.’ SLV was up more than 5% and was among the top trending tickers on the platform at the time of writing.

Shares of silver miners Pan American Silver Corp. (PAAS) jumped nearly 4%, Hecla Mining (HL) stock surged more than 7%, while First Majestic Silver Corp. (AG) gained more than 4%.

Meanwhile, spot gold (XAU/USD) traded 0.3% higher at $4,279 an ounce, while futures expiring in July 2026 traded 0.2% higher at $4,757.20 an ounce.

The XAG/USD has gained more than 18% so far in 2026, outperforming the tech-heavy Invesco QQQ Trust (QQQ) ETF’s 16.2% rise.

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