Silver prices plunged 8% on June 6 following strong U.S. jobs data, triggering margin call selling and testing key support levels. Prices consolidated near the 200-day Moving Average by June 12 before rebounding 4% to approximately $70.80 on June 15. This recovery occurred as Washington and Tehran signaled support for a tentative agreement to end hostilities and reopen the Strait of Hormuz.
Spot silver climbed to $70.80 per ounce following reports of a tentative agreement to reopen the Strait of Hormuz and end hostilities.
Read the full storySilver consolidates near its 200-day moving average as market focus shifts to upcoming US inflation data for clues on future interest rate paths.
Silver prices collapsed following robust U.S. labor data that heightened hawkish Fed expectations, triggering a wave of forced liquidations through margin calls.