Silver struggles to capitalize on the previous day's recovery move from the $20.70-$20.65 area, or its lowest level since March 13 and meets with a fr
The oversold RSI on the daily chart holds back bears from placing fresh bets around the XAG/USD.struggles to capitalize on the previous day's recovery move from the $20.70-$20.65 area, or its lowest level since March 13 and meets with a fresh supply on Wednesday. The white metal, however, rebounds from the daily trough touched during the early European session and currently trades around the $21.10 region, down less than 0.15% for the day.
Nevertheless, the XAG/USD remains vulnerable to prolong its descending trend and slide back to the $20.70-$20.65 zone, or a nearly seven-month low touched on Tuesday. The downward trajectory could get extended further towards challenging the YTD trough – levels just below the $20.00 psychological mark set in March.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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