Silver Corrects Lower on Cautious Market Mood
Silver prices have corrected lower after reaching seven-week highs around $66.60 on Monday.
The precious metal's decline comes as a more cautious market mood sets in, driven by stalled peace negotiations between the US and Iran, and hawkish comments from Federal Reserve officials supporting the US Dollar.
Cleveland Federal Reserve President Beth Hammack stated that the current monetary policy 'is not hurting the economy' and that rates may need to be hiked more than once to bring inflation back to target, sparking hopes of a September rate hike.
Technical analysis suggests key support for Silver is at $63.30, with bears likely to be tested if prices fall below this level. A breakdown here would shift the focus towards the August 6 and 7 low around $61.00.