Silver’s first weekly gain in four portrays the metal’s gradual recovery from 200-DMA and 61.8% Fibonacci retracement April-May upside. Not only the price but the RSI line also inches up from the oversold area, which in turn suggesting the firmer bullish bias. However, 100-DMA near $26.55 becomes the key hurdle to convince the silver buyers. It’s worth noting that the 50% Fibonacci retracement near $26.25 guards the bright metal’s immediate upside whereas the early month low near $27.00 will lure the bulls past $26.55 breakout.
Meanwhile, a daily closing below the $25.65-60 support confluence will aim for the mid-April lows near $24.65. Though, the $25.00 threshold may offer an intermediate halt during the fall. Even if RSI conditions don’t permit the metal’s declines below $24.65, any further losses will attack the yearly low marked in March near $23.75. Overall, silver seems to consolidate the monthly losses during the quarter-end days and hence the corrective pullback may prevail during the next week.
Meanwhile, a daily closing below the $25.65-60 support confluence will aim for the mid-April lows near $24.65. Though, the $25.00 threshold may offer an intermediate halt during the fall. Even if RSI conditions don’t permit the metal’s declines below $24.65, any further losses will attack the yearly low marked in March near $23.75. Overall, silver seems to consolidate the monthly losses during the quarter-end days and hence the corrective pullback may prevail during the next week.