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- Silver consolidates below $80 after peaking at one-month highs above $83 on Friday.
- precious metals trim gains as investors pare back hopes of a swift end to the US-Iran war
- Technically, XAG/USD remains trading within the upside channel from late March lows.
Silver (XAG/USD) has retreated nearly $4 from the monthly high right above $83.00 hit last Friday, as the precious metal consolidates immediately below the $80.00 level, with investors returning to the safe-haven US Dollar, with the Middle East peace process under pressure.
A spokesperson from the Iranian foreign ministry affirmed earlier on Monday that Tehran will skip the second round of negotiations scheduled to resume in Pakistan on Tuesday. This comes after the seizure of an Iranian-flagged cargo vessel by the US army on Sunday, which was condemned by Tehran as an “aggressive act” and a violation of the ceasefire agreement.
Technical Analysis: XAG/USD remains within an ascending channel
XAG/USD trades at $79.33, consolidating near the bottom of an upward channel from March 23 lows. Technical indicators in the four-hour chart are broadly neutral as investors await further developments to make investment decisions.
The Relative Strength Index (RSI) has flatlined around the 50 line, highlighting a balanced momentum, while the Moving Average Convergence Divergence (MACD) remains in negative territory, hinting that bullish attempts could face headwinds.
Initial support is located at the channel floor near $78.80, ahead of a previous resistance, turned support right below $78.00 (April 8 high, April 16,17 lows). Further down, the next target is the April 10 low near $72.60.
On the topside, immediate resistance emerges at $80.80, which is holding bulls on Monday. Above that level, bulls would aim for Friday’s high, at $83.06.
