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Silver slides as Strait of Hormuz risk lifts geopolitical uncertainty
Silver was last around $64.77 after dropping about 2.7% on the day, following a bounce off its 50-day moving average.
Silver prices reversed lower on Tuesday, falling about 2.7% even as US Treasury yields and the US dollar held steady, according to an FXStreet market note.
The move came amid reporting that if the US does not comply with Iran’s demands, the Strait of Hormuz would remain closed, keeping geopolitical risk in focus for precious metals.
In technical terms, the XAG/USD was described as neutral to upward-biased after reclaiming the 50-day Simple Moving Average, but the broader pattern of lower highs and lower lows was still in place and could be broken only if silver clears the June 16 swing high at $71.19.
For additional upside, FXStreet said silver would need to surpass the 100-day SMA at $68.93, with the $70.00 level and then the June 16 high next, while a break below the August 10 daily low at $63.28 would signal room for a deeper pullback toward the 50-day SMA near $61.76.
Latest closeSilver $65.88 ▲4.0%