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Silver rebounds toward $60 as the dollar slips
Silver climbed more than 2.7% to around $59.94 after falling to $57.59 earlier in the session.
Silver prices surged on Thursday, rising by more than 2.7% and pushing XAG/USD near the $60.00 level, according to FXStreet. The move came as US Treasury yields retreated and the US dollar fell by more than 0.1%.
At the time of writing, XAG/USD traded around $59.94 after bouncing off daily lows of $57.59. FXStreet said the metal’s broader downtrend remains intact, with the market still showing a pattern of lower highs and lower lows.
In the near term, the publication noted that momentum appears to favor buyers, pointing to an RSI that remains below the 50-neutral level. FXStreet said a decisive break above $60.00 could open the door to a move toward the July 6 swing high.
On the downside, FXStreet highlighted that a drop below the week’s low of $57.22 would point to retesting the June 24 cycle low at $55.63, with levels below that potentially drawing interest near $54.39.
Latest closeSilver $59.48 ▼0.7%