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Commodities

Silver Price Plummets Amid Iran Strait of Hormuz Uncertainty

Guavy AI Editorial Team
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Silver
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The Silver price has taken a significant drop of 2.70% on Tuesday, despite steady US Treasury yields and the Greenback.

This reversal in trend comes amidst news that if the US does not comply with Iran's demands, the Strait of Hormuz would remain closed.

Currently, the XAG/USD trades at $64.77 after hitting a daily high of $66.49.

From a technical perspective, Silver is neutral to upward-biased after reclaiming its 50-day Simple Moving Average (SMA), but lower highs and lower lows are intact.

The market's structure puts it at risk of being broken once Silver clears the June 16 swing high of $71.19.

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