Silver Price Analysis: XAG/USD clings to strong recovery gains, bearish bias intact

Silver staged a solid rebound from the vicinity of the $25.75-70 confluence support.
The overnight breakthrough a one-month-old trading range favours bearish traders.
Any subsequent move up could be seen as a selling opportunity and remain capped.
Silver built on its steady intraday ascending and refreshed daily tops, around mid-$26.00s within the last hour, recovered a neighborhood of the overnight slump to rock bottom level since late April.

The XAG/USD stalled its recent decline from the $28.25-30 supply zone and located an honest support near the $25.75 region, just before the vital 200-day SMA. The mentioned area coincides with the 61.8% Fibonacci level of the $23.78-$28.75 move up and will now act as a key pivotal point for short-term traders.

Meanwhile, the XAG/USD, for now, seems to possess snapped five consecutive days of the streak . A sustained withdraw above the five hundred Fibo. level supports prospects for extra intraday gains. That said, any meaningful upside still seems elusive within the wake of the overnight break below a one-month-old trading range.


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