Silver prices traded negatively Monday, facing headwinds from a strong U.S. dollar. Concerns over Middle East attacks also weighed on risk appetite.
A strong U.S. dollar and higher interest rates put downward pressure on silver. Traders watch the $57 level closely. A break below this support could lead to a drop to $50.
Longer-term investors may consider buying dips. Short-term traders, however, might use rallies showing exhaustion as selling opportunities.
Despite current struggles, silver has strong fundamental demand that outstrips supply. The long-term outlook for the metal remains positive.