Silver (XAG) Forecast: Silver Market Sets Up for Breakout as Silver Reclaims 50-Day MA

Market Positioning - The market finished above all four pivots and the 50-day moving average, indicating a strong upside bias ahead of Monday's opening [1] - Spot Silver closed at $81.72, positioning the market favorably for potential gains [1] Price Targets - The next target for Spot Silver is $86.32, with a potential breakout leading to a surge towards $92.20 and a major retracement zone between $92.87 and $99.66 [2] Fundamental Drivers - Spot Silver's rally was supported by three main factors: tensions between the United States and Iran, a Supreme Court ruling affecting President Trump's tariff powers, and the announcement of a new 15% global tariff [3] - The Supreme Court ruling and tariff news overshadowed economic data that suggested a reduced likelihood of a Federal Reserve rate cut [4] Tariff and Legal Implications - The Supreme Court ruling lifted some uncertainty for traders but may lead to further legal challenges regarding tariff refunds, which could take years to resolve [5] Federal Reserve Rate Cut Outlook - Current economic indicators, including weak GDP and persistent inflation, keep the odds of a June rate cut below 50%, with the CME FedWatch Tool indicating a 44% chance [6]