Commodities
Silver Price Tumbles on Stalled Iran Talks, Stronger USD
The price of Silver (XAG/USD) has retreated below $64.50 after being rejected at seven-week highs around $66.60 on Monday.
This correction comes as the US-Iran peace talks stall, and oil prices bounce up due to the lack of progress in negotiations.
The Federal Reserve's hawkish comments from Cleveland President Beth Hammack also contributed to a stronger US Dollar, which weighed on Silver prices.
Technically, the key support area for Silver is at $63.30, with bears likely to be tested there before potentially targeting lower levels around $61.00 or even $51.55.