XAG/USD climbs to session highs as investors weigh potential de-escalation in Middle East tensions amid mixed geopolitical signals.
Silver prices surged to $59.01 on Tuesday, extending a recovery from Monday’s low of $56.50. The move follows cautious optimism over potential diplomatic progress between the U.S. and Iran, though Tehran has denied ongoing negotiations. Precious metals gained modestly despite a rebound in the U.S. Dollar Index, which may cap further upside.
The metal remains within a four-week trading range, with technical indicators signaling mild bullish momentum. Resistance is seen at $59.30 and $60.75-$60.90, while support holds at $56.50. Geopolitical risks persist, including reduced sea traffic in key straits and reports of a cargo vessel attack off Oman.
No immediate market reaction was specified, but silver’s rally reflects a cautious shift in risk sentiment amid mixed signals from the region.