XAG/USD falls for a second day amid rising geopolitical risks and higher oil prices, testing key support near $63.30.
Silver (XAG/USD) extended losses on Wednesday, trading below $63.00 after retreating from Tuesday’s high near $66.50. The decline comes as markets grow cautious over escalating Middle East tensions, with oil prices holding near $90 after a 6% rally in three days.
The metal faces pressure near $63.30, a critical support level from last week’s trading range. Technical indicators signal further downside, with the 4-hour RSI nearing oversold territory and the MACD deepening its negative bias. A break below $63.30 could target the August 6 low at $60.90.
Brent crude’s surge, driven by limited sea traffic through the Strait of Hormuz, adds to headwinds for precious metals. If silver holds above $60.30, bulls may attempt a rebound toward resistance levels.