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Silver rises toward $60 on hopes of US-Iran ceasefire
XAG/USD was near $58.97 after testing one-week highs around $59.70, helped by a mild pullback in the US Dollar Index.
Silver climbed as XAG/USD moved toward the $60 level, trading around $58.97 after testing one-week highs near $59.70, according to FXStreet.
The metal’s advance was linked to hopes for renewed US-Iran diplomacy, which traders were weighing against ongoing exchange of attacks between the US and Iran.
FXStreet noted that the Strait of Hormuz remains closed, and that the Iran-backed Houthis announced the closure of the Bab el-Mandeb Strait to Saudi Arabian vessels, a development that could further tighten oil supply.
On the technical side, the report said silver broke above descending trendline resistance from late May and early June, with the 4-hour RSI nearing but not yet reaching overbought levels and MACD extending gains in positive territory.
Latest closeSilver $59.48 ▼0.7%