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Silver edges higher but remains below $61.00 as selling risk lingers
Silver rebounded from $60.30, a level last seen on August 5, but stays under the 200-period EMA at $64.64.
Silver (XAG/USD) is showing a modest rebound after trading near $60.30 earlier Tuesday, which the market note described as the lowest level since August 5.
The metal has held intraday gains into the early European session, trading just below $61.00 and up over 0.50% for the day, though the move has not shown follow-through, according to FXStreet.
Technically, the Relative Strength Index is hovering near oversold levels around 28, suggesting stretched downside conditions and contributing to intraday short-covering, FXStreet said.
The outlook remains bearish in the near term because XAG/USD is still below the 200-period exponential moving average at $64.64, with initial resistance flagged near the $61.00 round figure and further hurdles identified above that level.
Latest closeSilver $59.48 ▼0.7%