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- Silver price trades broadly sideways around $72.50 as investors await Iran’s response to Trump’s Tuesday deadline.
- The US and Iran discuss a 45-day ceasefire, according to Axios.
- Investors await the FOMC minutes of the March policy meeting, releasing on Wednesday.
Silver price (XAG/USD) trades 0.7% lower to near $72.50 in the late Asian trade on Monday, but is broadly consolidating in a limited range. The white metal turns sideways as investors await Iran’s response to United States (US) President Donald Trump’s ultimatum.
Over the weekend, US President Trump threatened to attack Iranian power plants and bridges if the nation doesn’t free the Strait of Hormuz by Tuesday, 9:00 PM Eastern time (ET).
Latest comments from the Iranian foreign ministry signal that the Middle East nation won’t reopen the Hormuz and has warned of reciprocal attacks. “Iran will reciprocate attacks on its infrastructure and target similar infrastructure owned by the US or related,” a spokesperson from Iran’s foreign ministry said.
Meanwhile, there are some reports from Axios, reported by Bloomberg, claiming that the US and Iran are discussing a 45-day ceasefire, a scenario that could result in a landmark de-escalation in the Middle East war if it gets approved, and would be favorable for the Silver price.
Theoretically, signs of easing geopolitical tensions diminish demand for precious metals, being the safe-haven assets. However, escalating global inflation projections due to the ongoing war, leading to hawkish monetary policy guidance from central banks, have battered their appeal, being non-yielding assets.
This week, investors will focus on the US Federal Open Market Committee (FOMC) minutes of the March policy meeting, which will be released on Wednesday.
Silver technical analysis
XAG/USD trades almost flat at around $72.50 as of writing. The near-term bias is mildly bearish as spot holds below the 20-day Exponential Moving Average (EMA), capping recovery attempts. The recent sequence of lower closes from the mid-$90s underscores a downside structure, while the RSI at 43 shows momentum remaining on the weak side without reaching oversold territory, suggesting persistent selling pressure but no capitulation.
Immediate resistance aligns with the 20-day EMA near $75.20, and a daily close above this area would be needed to ease the current bearish tone and open the way toward the $80.00 region. On the downside, initial support emerges around $70.00, guarding the path toward the late swing low near $66.70, where failure would expose the next bearish extension toward the March 23 low around $61.00.
