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Silver edges toward $60 as XAG/USD rebounds above $59

FXStreet noted XAG/USD last traded around $59.22 and said a sustained break above $60.00 could open a test of the July 22 peak near $60.94.

Reported · Written up by our desk · Major Pairs

Silver prices rose for the second straight day, pushing XAG/USD to a three-day high above $59.00, with the pair last seen trading around $59.22, according to FXStreet.

The outlet said the rebound came after XAG/USD reclaimed $59.00, while the market still appeared to respect a downward structure and the RSI indicated no clear control by either buyers or sellers despite the index aiming higher.

For further gains, FXStreet said silver needs to clear the psychological $60.00 level, warning that failure there would expose the July 22 peak at $60.94 before a potential move toward $61.00.

On the downside, FXStreet added that sellers would likely need to drive silver below the July 28 daily low of $56.64 to open a move toward the yearly low at $54.77.

Latest closeSilver $59.33 ▲2.5%

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