FUNDAMENTALOVERVIEWSilver gapped lower today followingthe breakdown of US-Iran negotiations over the weekend. This shouldn’t bea surprise though given the strong divergence in stances ahead of the talks.There have been reports ofUS and Iran continuing to exchange messages through diplomatic backchannels,but for now we don’t have any official date for another round of negotiations.The good news is that the ceasefire seems to be holding, but Trump decided toput pressure on Iran by blockadingtheir ports. This has raised the risk ofa potential breach of the ceasefire which is likely going to keep traders onedge. For now, the upside might remain capped as renewed hawkish bets oncentral banks will likely weigh on silver. The price action might remain mostlyrangebound unless we get a new escalation or a peace deal.SILVER TECHNICALANALYSIS – DAILY TIMEFRAMEOn the daily chart, we cansee that silver got rejected around the 78.00 handle which is acting asresistance. If the price gets there again, we can expect the sellers to step inwith a defined risk above the resistance to position for a drop back into themajor upward trendline. The buyers, on the other hand, will look for a break toincrease the bullish bets into the 90.00 handle next.SILVER TECHNICAL ANALYSIS – 4HOUR TIMEFRAMEOn the 4 hour chart, wehave an upward trendline defining the bullish momentum. The price got rejectedaround the trendline as the buyers stepped in with a defined risk below thetrendline to position for a rally into new highs. The sellers, on the otherhand, will look for a break to pile in for a drop into new lows.SILVER TECHNICAL ANALYSIS – 1HOUR TIMEFRAMEOn the 1 hour chart, there’snot much we can add here as the trendline and the resistance remain the mostimportant technical levels for now. The red lines define the average daily range for today. UPCOMING CATALYSTSTomorrow we have the US PPI report. On Thursday, we get the latest US JoblessClaims figures. The focus remains on US-Iran headlines. This article was written by Giuseppe Dellamotta at investinglive.com.