Silver Price Analysis: XAG/USD Rebounds From Two-Month Lows, Lacks Follow-Through

Silver price (XAG/USD) has quickly pulled back from fresh two-month lows of $25.55, now extending the break above the $26 mark.

The bulls appear to extend the recovery momentum, backed by the renewed uptick in the Relative Strength Index (RSI) on the four-hour chart.

Silver, Bars, 5000 Grams, Real Value

Image Source: Pixabay

The leading indicator has recovered from the oversold territory to currently trade at 35.35, offering some respite to the silver bulls.

The next relevant target for the buyers is seen at $26.50, the June 18 highs, which coincided with the downward-sloping 21-Simple Moving Average (SMA) on said time frame.

However, if the downside bias resumes, a retest of the two-month lows will be well on the cards.

Further south, the $25 round figure will be on the sellers’ radars.

Silver Price Chart: Four-hour chart

(Click on image to enlarge)

Silver Additional levels



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