XAG/USD climbs toward $69.00 resistance amid easing US Treasury yields and hopes for an Iran peace agreement.
Silver (XAG/USD) recovered to $67.46 in Friday’s European session, erasing earlier losses as optimism over a potential Iran deal and lower US Treasury yields supported the metal. US President Donald Trump’s comments on a forthcoming agreement buoyed sentiment, though Iranian officials struck a cautious tone.
The metal found additional support from mixed US Producer Price Index (PPI) data, which showed headline inflation at a three-year high while core inflation stalled. Markets interpreted the report as reducing pressure on the Federal Reserve to hike rates further.
Technical indicators suggest a bullish bias, with a potential head-and-shoulders pattern forming and the Relative Strength Index (RSI) hovering near mid-50s in 4-hour charts.