XAG/USD climbs to $65.85 as haven demand resurfaces and the dollar declines, offsetting higher oil prices.
Silver prices jumped nearly 1.8% to $65.85 on Monday, driven by a weaker US dollar and renewed safe-haven demand amid escalating US-Iran tensions. The move contrasts with rising oil prices, underscoring silver’s role as a hedge in uncertain markets.
The metal had earlier dipped to a daily low of $64.70 before recovering. Technical indicators suggest consolidation in the $64.70–$66.70 range, with a neutral-to-bearish bias unless bulls breach the 100-day SMA at $68.72. Key support lies at $63.51, with further downside risk to $60.00 if breached.
Investors are monitoring silver’s momentum, as a break above $70.00 could signal a shift toward bullish sentiment. The 200-day SMA at $71.73 remains a critical resistance level.