Silver Prices Poised to Break Out as Miners Hold Record Cash

Silver prices are poised to break out of their current range as miners hold a record $4.8 billion in net cash, according to Bloomberg data analyzed by Tavi Costa.

This strong fundamental backdrop is expected to boost the metal's price, with crypto analyst Rashad Hajiyev predicting that silver will start rallying post-FOMC later this week or early next week.

Hajiyev's daily chart places silver at $63.8785, with $60 as the first major support and $70 as the key resistance level above the current range.

If silver breaks above $70, the next levels on the chart are $75, $80, $85, $90, and $95, making a move toward $100 possible.