This is likely the beginning of the 2008-all-over-again scenario that I've been warning about for months – perhaps in an even more brutal way.
Downside risks are easing across risk assets including bitcoin, and precious metals including silver, as the Middle East conflict enters its fourth week. Trump signaled progress in negotiations and a five-day postponement of strikes on Iranian power plants.
Silver rebounds from year-to-date lows but bearish outlook remains intact
Silver has a wild open for the week as we are still trying to sort out the war in the US, and inflation in general.
The price of Silver has staged a sharp rebound following extreme volatility, with XAG/USD now trading at 70.66, up 4.03%, after plunging to near $61 intraday earlier today. The move follows U.S. President Trump's statement that Washington and Iran had held “good and productive talks,” which helped stabilise broader markets and.
Silver price rebounds strongly to near $68.20 as Trump pauses strikes on Iran's power plants
Silver price today: Silver falls, according to FXStreet data
Silver Price Forecast: XAG/USD trades near $64.50 after rebounding from 15-week lows
Silver Price Forecast: XAG/USD holds losses near $65.50 amid Fed hawkish outlook
Silver is approaching a critical support zone as its “dual role” as a monetary and industrial asset continues to diverge. Tightening expectations on global central banks, driven by the energy shock, are weighing on its monetary side, leaving the 64 support zone increasingly vulnerable.
Silver recently broke the support zone between the round support level 70.00 (which has been reversing the price from the end of December) and the support trendline from November.
Silver Price Forecast: XAG/USD hangs near multi-week low; seems vulnerable below $67.50