TradingKey - Silver prices charge toward $90 again; Bank of America sees potential breakout above $100 this year.

In early Friday (February 27) trading during Asian hours, silver ( XAGUSD) prices continued their rally, rising over 1.8% to once again approach the $90 per ounce resistance level. As of press time, spot silver was trading at $89.58, marking a one-month high.

Silver price chart, source: TradingView

On January 29 of this year, silver prices surged to $120, but plummeted to $75 the next day. Since then, silver prices have rebounded toward $90 twice, but have failed to break through so far.

According to FOREX market analyst Razan Hilal, silver prices may come under downward pressure. In a report, Razan Hilal stated, "Silver is attempting to break through the $90 resistance level, but has failed to sustain its upward momentum so far this week. If a geopolitical agreement is reached soon, it may increase downside risks."

Despite significant resistance in silver's technical structure, Bank of America ( BAC) remains optimistic, stating that silver could still break above $100 again this year.

Find out more