Silver Price Drops Below $63.00 Amid Market Caution
Silver prices are under pressure as the XAG/USD pair trades below $63.00 for the second consecutive day, weighed down by a reversal from the $66.50 area on Tuesday.
The decline comes amid market caution fueled by the deteriorating Middle East crisis, with oil prices consolidating at higher levels after the US and Iran's Memorandum of Understanding expired on Monday.
US President Donald Trump confirmed that there are no talks with Tehran at the moment, which has kept sea traffic through the Strait of Hormuz limited to a trickle, keeping Brent Oil at $90 after rallying about 6% over the last three days.
Bears are pushing against the $63.30 support area, and intra-day momentum indicators endorse the bearish view with the Relative Strength Index (14) retreating toward the mid-30s, and the Moving Average Convergence Divergence (MACD) treading deeper into negative territory.