Silver Prices Tumble Amid Inflation Concerns and Geopolitical Tensions

Silver prices have been affected by concerns over inflation caused by rising crude oil prices and renewed tensions between the US and Iran, leading to increased demand for safe-haven assets like silver.

The current price of silver is $61.9, with a 1.21% increase since yesterday. However, technical signals suggest that the price may continue to move downwards, with a 73% chance of a downward continuation and only a 27% likelihood of an upward move.

The Ichimoku Kijun line sits at $61.48, marking the nearest resistance level for silver. Momentum is mostly bearish, with both MACD and ADX displaying strong sell signals.

Silver traders are likely to remain cautious ahead of key US economic data releases, which could lead to further market volatility.