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Silver prices (XAG/USD) staged a significant recovery today, surging by 4.03% to reach $70.66 per ounce. This rebound occurred after the precious metal hit its year-to-date (YTD) lows, following a period of intense selling pressure that saw it plunge toward the $61 level earlier in the session. Market sentiment improved after U.S. President Donald Trump described recent discussions with Iran as "good and productive," helping to reduce the geopolitical risk premium. However, despite the recent price recovery, the overall technical outlook for silver remains bearish, suggesting that structural downward pressure persists. While the diplomatic signals triggered a technical bounce from oversold levels, the long-term trajectory remains sensitive to concrete policy developments. Traders continue to monitor the situation closely, as the sustainability of this relief rally depends on tangible diplomatic outcomes.
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