Silver Price Forecasts: XAG/USD approaches $78.00 boosted by Iran peace hopes
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Silver rallies to two-week highs near $78.00 after bouncing from $72.60 lows on Monday.
Precious metals appreciate on risk appetite amid hopes of new US-Iran peace talks.
XAG/USD keeps trading within an ascending channel with bulls aiming for the $80.00 area.
Silver (XAG/USD) is rushing higher on Tuesday, reaching fresh two-week highs right below $78.00 at the time of writing, after bouncing from lows around $72.60 on Monday. Speculation about another round of negotiations between the US and Iran has boosted risk appetite, sending the US Dollar lower across the board and providing a fresh boost to precious metals.
The US military blockade of Iran’s ports created some friction with Tehran, but fears about further escalation have been offset by news suggesting that the US and Iran could be close to a second round of negotiations, following the failure of last weekend’s meeting in Pakistan.
US President Trump affirmed on Monday that Iranian authorities had called, asking to “work for a deal,” and Reuters reported on Tuesday that US and Iranian teams could return to Islamabad for peace talks this week.
Precious metals dropped following the breakdown of the peace talks. US negotiators affirmed that Iran’s refusal to continue enriching uranium, allegedly aimed at obtaining a nuclear weapon, has been a red line. The two-week ceasefire, however, remains in place, feeding hopes of a peac deal.
Technical Analysis
XAG/USD holds a constructive bullish bias within an upward parallel channel. The Relative Strength Index (RSI) is hovering around 64, suggesting firm but not yet overbought upside momentum. A positive Moving Average Convergence Divergence (MACD) reading at 0.16 reinforces the notion of renewed buying pressure.
Bulls are attempting to confirm the breach of last week's high, at $77.65, focusing on the $80.00 psychological level and the April 1 peak, at 81.13.
On the downside, immediate support lies at the bottom of the ascending channel, now at $74.75, ahead of Monday's low, at $72.61. Furghter down the area between $66.70 and $68.30, which held bears several times in late March and early April, looks like a plausible target.
(The technical analysis of this story was written with the help of an AI tool.)
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