Silver Price Forecast: Rebounds Towards $60, But Lower-Low Structure Holds

Silver price surged by over 2.70% on Thursday, climbing near $60.00 as US Treasury yields retreated and the US Dollar dove by over 0.12%. At the time of writing, the XAG/USD trades at $59.94, after bouncing off daily lows of $57.59.

XAG/USD Price Forecast: Technical outlook

The downtrend remains intact, with the structure of lower highs and lower lows intact, even though the white metal has bounced off weekly lows below $58.00.

In the short term, momentum favours buyers, as indicated by the Relative Strength Index (RSI), but it remains below the 50-neutral level, suggesting a potential resumption of the downtrend.

If XAG/USD decisively clears the $60.00 figure, a move towards the July 6 swing high is on the cards. Once breached, buyers could challenge a downslope resistance trendline at around $64.70, before launching a strong attack on the confluence of the 50- and 200-day Simple Moving Averages (SMAs) at $70.25

On the flip side, and also the path of least resistance, if Silver drops below the current week’s low of 57.22, it paves the way to test the June 24 cycle low of $55.63. Below this level, the next area of interest would be the November 12, 2025, daily high turned support at $54.39.