Summary

• Silver underperforms despite geopolitical risk: Silver has lagged major assets, falling sharply since the US–Iran conflict and failing to attract safe haven demand, with momentum - not fundamentals - driving price action.
• Bearish trend remains intact technically: A breakdown below the 20-day moving average and rejection at the 50-day MA signal the end of the prior rebound, reinforcing a broader corrective downtrend from January highs.
• Downside risks dominate below key resistance: Holding below $75.90 keeps the bearish bias intact, with potential further declines toward $69.64 and $67.70, while only a sustained break above resistance would negate the negative outlook.

By Kelvin Wong

Precious metals, gold and silver, have failed to ignite a similar risk-on rally in terms of magnitude and duration as seen on the benchmark US stock indices and other major stock indices after the "fragile" ceasefire

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