Why Is Silver Rising Today? Inverted Head and Shoulders Pattern Activates $120 ATH Price Target

Silver traded at $84 per ounce on Tuesday, May 12, 2026, pulling back 2% after testing $87 intraday following Monday’s 7.3% one-day surge, the metal’s largest single-session gain since February 20. Monday’s close at $85.485 per ounce on COMEX marked the highest settlement since March 10, capping five consecutive winning sessions that lifted XAG/USD more than 18% from early-May lows. The metal is now sitting at its first two-month high, with hedge fund demand, a softer dollar, and a shift away from Indian gold buying as the immediate catalysts.

Why Silver Is Rising Today? Five Sessions, +18%, $87 Intraday
Three independent forces converged on silver this week. Monday’s break above the early-April highs near $80 attracted systematic flows that had been waiting on the sidelines through six weeks of consolidation. John Caruso of RJO Futures framed the move as a rotation into growth metals from fear metals, writing in a Monday client note that “silver has a foot in both camps.”

The hedge fund bid is the second leg. Ryan McKay, senior commodity strategist at TD Securities, attributed the rally to “rising interest from hedge funds and other leveraged investors” that had been sidelined through the consolidation, with trend followers piling in once the $80 ceiling cracked.