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Silver slips below $63 as bearish momentum builds
XAG/USD is pressing against support near $63.30, and a break lower would put the August 6 low around $60.90 back in focus.
Silver prices fell for a second straight day, with XAG/USD trading around $63.09 and testing levels below $63.00 after a reversal from roughly $66.50 on Tuesday, according to FXStreet.
The move comes as investors grow more cautious amid deterioration in the Middle East crisis, while oil holds firm, with Brent at $90 after rallying about 6% over the prior three days following limited sea traffic through the Strait of Hormuz. FXStreet also noted that the Memorandum of Understanding between the US and Iran expired on Monday, and President Donald Trump said there are no talks with Tehran at the moment.
Technically, FXStreet pointed to a 4-hour Relative Strength Index (14) retreating toward the mid-30s and the MACD moving deeper into negative territory. A confirmed break below $63.30, described as the floor of last week's range and a former resistance area, would shift attention to the August 6 low near $60.90.
On the upside, FXStreet said bullish confidence could return only if XAG/USD holds above about $60.30, allowing another push toward resistance around $67.00, with additional resistance cited near the mid-June highs and a higher zone around $71.55, plus the 200-day simple moving average near $71.85.
Latest closeSilver $64.83 ▼0.1%|Brent $88.59 ▲1.8%