Silver Surges to $59.01 Amid Hopes of Iran Peace Deal

Silver prices have surged to $59.01 as investors cling to hopes of a peace deal on Iran, sparking a mild appetite for risk and buoying precious metals.

Despite US President Donald Trump's affirmation that this is the 'last chance' for Iran to sign a good peace deal with the United States, Tehran has denied any talks with the US or plans to hold them. Meanwhile, sea traffic through the Hormuz and Bab el-Mandeb Straits remains at very low levels.

The Relative Strength Index (14) on the 4-hour chart is hovering near 58, suggesting a mildly bullish near-term bias, while the Moving Average Convergence Divergence (MACD) line has crossed above the zero line. However, price action remains within the mid-ranges of the last four weeks' horizontal channel.