XAG/USD falls to $73.46 after US-Iran clashes fuel speculation of central bank tightening, weighing on non-yielding metals.
Silver prices plunged more than 2% to $73.46 on Wednesday, retreating from a peak near $75.30. The decline follows overnight military exchanges between the US and Iran, raising concerns that major central banks may raise interest rates to curb inflationary pressures.
XAG/USD has traded within a $73.00-$78.50 range since late May, briefly hitting a four-week low of $71.79. The 50-day Simple Moving Average at $76.14 acts as immediate resistance, while the Relative Strength Index signals bearish momentum.
Downside support lies at $73.00, with further downside risk toward the May 29 low of $71.79 and the 200-day SMA at $67.47. A bullish reversal would require breaking above $78.57 and the 100-day SMA at $81.03.