Commodities
Home›Commodities›Precious Metals›Silver rises 1.8% as dollar weakens amid US-Iran uncer…
Silver rises 1.8% as dollar weakens amid US-Iran uncertainty
XAG/USD was at $65.85 after dipping to $64.70, with FXStreet pointing to consolidation between $64.70 and $66.70 before bulls can test $68.72.
Silver prices climbed nearly 1.8% on Monday as the US dollar weakened, with uncertainty around the US-Iran conflict weighing on broader investor sentiment, according to FXStreet.
At last check, XAG/USD traded around $65.85 after hitting a low of $64.70. FXStreet said silver appears set to consolidate in the $64.70 to $66.70 zone, with market structure described as neutral to downward-biased.
In the near term, the article noted momentum favoring higher prices, citing RSI strength, but said silver would likely need to clear key technical resistance levels to shift to a more bullish trend. The first resistance highlighted was the 100-day simple moving average at $68.72, followed by $70.00 and the 200-day SMA at $71.73.
On the downside, FXStreet pointed to the August 14 daily low at $63.51 as first support, then the 50-day SMA at $61.31 and the $60.00 level. A move below $60.00 would expose an additional support area tied to an upslope trendline around $58.40 to $58.60, the article said.
Latest closeSilver $64.83 ▼0.1%