FUNDAMENTAL OVERVIEW Silver has been under heavy pressure recently as Treasury yields and the US dollar have continued to rise amid a deteriorating geopolitical backdrop and renewed strength in oil prices. Silver could come under further pressure in the coming days if oil prices extend their gains following reports from The Atlantic that the White House asked the Pentagon to develop military options for strikes against Iranian targets, potentially before the midterm elections.Moreover, the Pentagon has reportedly instructed the US Central Command (CENTCOM) to complete preparations for potentially resuming major combat operations, according to Axios.No final decision has been made yet, but the renewed escalation risks are supporting the oil market again. If this continues, Treasury yields could extend their gains while rate hike expectations strengthen further, adding pressure on silver.If the situation does not de-escalate soon, we could see further weakness in silver. However, if the Fed continues to sound more dovish than markets expect, real yields could decline and provide a floor under silver prices. SILVER TECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we can see that silverhas been falling steadily amid the deteriorating geopolitical picture. The natural target for the sellers should be the 55.00 handle. If the price gets there, we can expect the buyers to step in, with a defined risk below it, to position for a rally into the 71.55 level. The sellers, on the other hand, will want to see the price breaking lower to increase the bearish bets into the 45.55 level next. SILVER TECHNICAL ANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we have a downward trendline defining the bearish momentum. If we get pullback, we can expect the sellers to lean on the trendline, with a defined risk above it, to keep pushing into the 55.00 level. The buyers, on the other hand, will look for a break higher to extend the pullback into the next major trendline, with the 62.00 resistance as the first target. SILVER TECHNICAL ANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, we have another minor downward trendline that could act as resistance. The sellers might split their short orders in half given the closeness of the two trendlines. The buyers, on the other hand, will look for breakouts to pile in for new highs, with a defined risk below the trendlines. The red lines define the average daily range for today.UPCOMING CATALYSTSTomorrowwe conclude the week with the University of Michigan Consumer Sentiment survey, but the focus will remain on US-Iran developments. This article was written by Giuseppe Dellamotta at investinglive.com.