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Silver prices surged to a fresh weekly high above $77.00 during the Asian session on Wednesday, driven by a broad-based selloff in the US Dollar (USD) following news of a US-Iran ceasefire. The USD's decline, attributed to easing geopolitical tensions, weakened the dollar's appeal as a safe-haven asset, boosting demand for commodities like silver. Analysts note that the ceasefire announcement has alleviated fears of Middle East instability, reducing pressure on the USD and allowing bullion markets to gain traction. For traders, the move highlights the inverse relationship between the dollar and commodities, with silver acting as a hedge against currency depreciation. The key resistance level for silver now sits at $77.50, with a potential test of $78.50 if momentum continues. Market participants will closely monitor the Fed's policy stance and any renewed geopolitical tensions for further directional cues.
