Silver Holds $86.50 After $6 Record Surge, Breakout Targets $90-92 Into CPI

Silver (XAG/USD) clings to a two-month high near $86.50 after a $6 intraday explosion on May 12—its largest daily gain since February—entering breakout mode in a steep bull channel targeting $90-92. The rally follows a 5% plunge to $72.74 on May 5 amid Middle East war fears, DXY at 104.8, and oil above $103, but accelerated from May 6 on US-Iran de-escalation, 8% oil drop, USD weakness, and solar/EV demand, closing last week at $80.34 (+6.6%). It cleared $85 on May 11 despite hawkish NFP (115K vs. 62K), holding above 50-day EMA ($76.99) with RSI 59-68 ahead of US CPI.