Silver price reverses its course, drops some 2.70% on Tuesday, even though US Treasury yields and the Greenback remained steady, amid news that if the US does not comply with Iran’s demands, the Strait of Hormuz would remain closed. The XAG/USD trades at $64.77, after hitting a daily high of $66.49. XAG/USD Price Forecast: Technical outlookFrom a technical perspective, the white metal is neutral to upward-biased after it reclaimed the 50-day Simple Moving Average (SMA). On the flip side, if XAG/USD retreats below the August 10 daily low of $63.28 it opens the door for a deeper pullback. XAG/USD Price Chart – DailySilver daily chart