Silver: Downside risks grow after failed rally

OCBC strategists say silver (XAGUSD) has resumed a pullback toward about $71/oz after failing to sustain a break above $80 in mid‑April. Higher Brent oil (inflation concerns), hawkish rate repricing and a firmer US dollar are pressuring non‑yielding metals, and technical indicators have turned bearish: daily momentum is negative, RSI near oversold and a rising‑wedge pattern signals reversal risk. Immediate supports are $70 and $63 (200‑DMA); a decisive break below could open a deeper slide toward $50. While physical deficits and investment demand could cushion dips, the near‑term outlook is tilted to the downside, suggesting increased downside risk for silver and broader implications for precious‑metals positioning if energy and rate pressures persist.