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Silver prices (XAG/USD) remain subdued near two-week lows as the Relative Strength Index (RSI) falls below the 50 level, signaling bearish momentum. The metal is trading in a tight range amid ongoing uncertainty over the US-Iran conflict, which has limited risk appetite and kept investors cautious. Technical indicators suggest a lack of immediate upside potential, with bears maintaining control despite occasional attempts at consolidation.
The bearish bias is significant for traders, particularly those using technical analysis tools like RSI to time entries. A sustained move below key support levels could trigger further declines, while a rebound above $76.50 might attract short-term buyers. The geopolitical tensions between the US and Iran remain a critical overhang, with any escalation likely to amplify volatility in precious metals.
For the MENA region, where silver is used in jewelry and industrial applications, the price weakness could ease import costs. However, Gulf investors should monitor the RSI and US dollar strength for clues on potential reversals. The next key technical levels to watch are $74.50 (support) and $77.80 (resistance), with a break below $74.50 signaling deeper losses.
