XAG/USD trades at $73.16, extending a four-week decline amid Middle East tensions and hawkish Fed expectations.
Silver (XAG/USD) remains under pressure, trading at $73.16 and struggling to break above $74.00 as geopolitical risks and a stronger US Dollar curb upside momentum. The metal is on track for its fourth consecutive weekly decline, reflecting broader weakness in precious metals.
Recent Middle East developments have dampened hopes for a swift ceasefire, bolstering safe-haven demand for the USD. While risk aversion eased slightly on Thursday, investors remain cautious amid stalled US-Iran negotiations. US economic data, including a strong ISM Services PMI, has reinforced expectations of prolonged Fed hawkishness, further weighing on silver.
Technical indicators suggest a bearish near-term outlook, with momentum oscillators signaling downward pressure. Key support lies near $71.00, while resistance remains at $74.00.