Silver hits new record high, nears $90 barrier and eyes $100

Silver continues to trend higher despite warnings from overbought daily studies and hit new record high ($89.10) on Tuesday, following daily advance of nearly $6.

Precious metals continue to benefit from growing safe-haven demand, with silver being additionally supported by strong industrial demand and insufficient supply.

Bulls approach $90 level (round-figure), with psychological $100 barrier being unmasked.

Technical studies remain firmly bullish but overbought on all larger timeframes and traders should anticipate headwinds at $90 zone, but also to be aware of possible stronger dips on approach to $100 level, which marks very significant resistance.

Res: 89.10; 90.00; 91.30; 93.11
Sup: 87.22; 85.42; 83.40; 82.73