David’s Commentary

David’s Commentary — 1st March 2026

MASSIVE BULLISH Setup in Metals — Now Compounded by War Escalation in the Middle East

For several weeks on this Indigo WhatsApp channel, I have been consistent: the late-January “drive-by-shooting” orchestrated liquidation in precious metals was not the end of the major bullish cycle move , it was foundation building.

On 1st February , following what I described as a coordinated sell-off across Western paper exchanges, I wrote:

“Another highly significant level lies at the 61.8% Fibonacci retracement , around USD 64.05 . This is a zone where I would personally be backing up the truck to accumulate physical silver aggressively. ”

The low printed at $64.06.

From there, I highlighted the developing reverse head-and-shoulders formation , targeting $98 and $104 . The breakout was confirmed on 20th February with the decisive move higher through $78 . The next resistance at $92 was cleared on Friday with a close near $94 , confirming continued structural strength.

Meanwhile, platinum has surged approximately 30% since 5th February , reinforcing the broader metals thesis.

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Now Layered with Geopolitical Shock

The already bullish structural setup in metals is now compounded by a dramatic escalation in the Middle East over the weekend.

The United States and Israel launched coordinated strikes on Iran, followed by Iranian retaliation across multiple regional targets, including Israel and multiple Gulf states. Reports indicate high-level leadership casualties in Iran and widespread regional military responses. USA & Israel attacks Iran and then Iran has retaliated against Israel, Qatar, Bahrain, Jordan, Kuwait and Dubai

The situation is fluid and highly unpredictable.

If Iran were to move toward restricting or closing the Strait of Hormuz , the oil market would react aggressively. That would transmit inflationary pressure globally almost immediately.

China cannot be ignored in this equation. It has long-standing strategic and energy agreements with Iran, imports significant volumes of Iranian oil at discounted terms, and has embedded infrastructure interests in the region. For China, Iran is not merely diplomatic, it is strategic.

At the same time, we have rising tensions and outright war breaking out between Pakistan and Afghanistan , adding another destabilising layer to the geopolitical backdrop.

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Back to Silver — The Technical Roadmap

Returning to silver:

• Initial target: $98

• Secondary target: $104

• Major resistance beyond that: $109.30

A clean break above $109.30 would open the path toward new highs, extending toward approximately $157 over time.

We should not become emotionally carried away with all of these major escalations. Markets will react strongly in this coming week, but the magnitude and sustainability of the moves in metals will depend on how events in the Middle East unfold.

That said, the structural base, the technical confirmations, and now the geopolitical overlay form an exceptionally powerful bullish backdrop for precious metals.

I will continue to monitor developments closely and update as events evolve.

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