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Silver prices climbed to nearly $69.15 during Asian trading hours on Thursday, driven by optimism around a potential US-Iran peace deal. The white metal found some buyers amid geopolitical tensions, but the price remains below its 100-day simple moving average (SMA), a key technical resistance level. Analysts suggest that while the geopolitical narrative supports safe-haven demand, the inability to break above the 100-day SMA could limit upward momentum. Traders are closely watching whether the price can sustain above this level to confirm a bullish reversal.
For markets, the move highlights the interplay between geopolitical events and commodity prices. Silver’s performance is often influenced by macroeconomic factors, including central bank policies and inflation expectations. The current price action near the 100-day SMA may attract technical traders, as a breakout could signal renewed buying interest. However, the broader commodity market remains cautious due to mixed signals from global economic data.
Looking ahead, investors should monitor developments in the US-Iran negotiations and their impact on risk sentiment. A sustained break above $69.50 could target the next resistance at $70.50, while a pullback below $68.50 might reignite bearish pressure. Additionally, the Federal Reserve’s upcoming policy decisions and inflation data will shape the metal’s trajectory in the coming weeks.
