Silver (XAG/USD) extends its sideways consolidative price move for the second straight day and holds steady around the $73.00 mark during the Asian session on Tuesday. Traders now seem reluctant to place aggressive directional bets and opt to move to the sidelines ahead of US President Donald Trump’s deadline for Iran to reopen the Straight of Hormuz amid fading hopes for a ceasefire.

From a technical perspective, the near-term bias is mildly bearish as the XAG/USD holds below the 100-period Simple Moving Average (SMA) on the 4-hour chart, while that average continues to trend lower and cap rebounds. Furthermore, the Moving Average Convergence Divergence (MACD) indicator (12, 26, 9) recovers from recent negative readings but remains subdued, hinting at fading downside momentum rather than a clear upside shift.

Adding to this, the Relative Strength Index (RSI) around 52 reinforces a neutral momentum backdrop, suggesting that sellers retain a slight advantage while directional conviction stays limited. Hence, any further strength beyond the 100-period SMA at $73.22 might confront resistance aligning with the 38.2% Fibonacci retracement of the March downfall, at $74.69. A sustained break above that band would open the door toward the 50.0% retracement at $78.89.

On the downside, initial support sits near $72.00, ahead of the 23.6% retracement at $69.50, which marks the first notable floor within the current corrective phase. A clear drop through $69.50 would expose the broader support area toward $61.11, where the measured advance began.

(The technical analysis of this story was written with the help of an AI tool.)

XAG/USD 4-hour chart

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.

(The technical analysis of this story was written with the help of an AI tool.)

Gold (XAU/USD) struggles to capitalize on its modest intraday gains and remains below the $5,200 mark through the first half of the European session on Wednesday. Investors remain concerned about a prolonged conflict in the Middle East and its impact on the global economy amid an already uncertain environment. In fact, US President Donald Trump said that the US military operation in Iran could take four to five weeks, and more strikes would continue for as long as necessary. This continues to weigh on investors’ sentiment, which is evident from a generally weaker tone around the equity markets and underpins demand for the safe-haven bullion.

Meanwhile, the closure of the Strait of Hormuz – one of the world’s most critical energy chokepoints – led to the recent surge in Crude Oil prices to the highest level since June 2025. Moreover, Iran has targeted infrastructure critical to the world’s energy production as part of its retaliation and warned that it will not allow a single drop of oil to leave the region. This has raised fears of a fresh energy crisis that could ramp up inflation and force the US Federal Reserve (Fed) to slow or scale back its plan to cut interest rates further. The outlook assists the US Dollar (USD) to hold steady below the year-to-date high and contributes to keeping a lid on the non-yielding Gold.

The aforementioned fundamental backdrop makes it prudent to wait for a sustained strength and acceptance above the $5,200 mark before positioning for any further intraday appreciating move. Market participants now look forward to the US economic docket – featuring the release of the ADP report on private-sector employment and ISM Services PMI. The data might do little to provide any meaningful impetus to the buck or the Gold price, as the focus remains glued to developments surrounding the ongoing US-Israel-Iran war.

XAU/USD 4-hour chart

Gold bulls seem hesitant amid mixed technical setup

The near-term bias turns cautiously bearish after the Gold price slipped back from the upper boundary of the ascending channel that has guided gains since early February, now trading just above the channel’s lower band near $5,025. The Relative Strength Index (14) recovers toward 43 after briefly approaching oversold territory, which suggests fading but still-present downside momentum. The Moving Average Convergence Divergence (MACD) line holds below its signal line and has retreated toward the zero line, reinforcing a loss of bullish conviction after the rejection above $5,380.

The XAU/USD pair trades only marginally above the rising 200-period Simple Moving Average (SMA) on the 4-hour chart around $5,030, indicating that the broader uptrend remains intact but under pressure in the short term. Initial support emerges in the $5,140–$5,130 band, with a break lower exposing the 200-period SMA and channel floor clustered around $5,030, followed by a deeper cushion near $4,980.

On the upside, immediate resistance stands near $5,210, where recent intraday rebounds stalled, followed by $5,260 and then the recent swing area around $5,320. A sustained recovery above $5,260 would ease the current bearish tone and open the way back toward the $5,380 region, while failure to defend $5,030 would signal a more decisive corrective phase within the broader ascending structure.

(The technical analysis of this story was written with the help of an AI tool.)