Silver Price Plunges Amid Geopolitical Tensions

Silver prices are down by 1.05% to $64.73 after a daily decline, according to Traders Union.

The price remains above its short- and medium-term moving averages but below longer-term averages, indicating a potentially volatile market.

Geopolitical tensions between the US and Iran have driven up oil prices and increased expectations of additional Federal Reserve interest rate hikes, which may impact investor allocation to metals like silver.

The forecast suggests that silver is in a short- and medium-term bullish setup with price consolidation, but traders are advised to closely monitor the $63.61 support level due to heightened geopolitical and macroeconomic risks.