Silver Price Analysis: XAG/USD rebounds from two-month lows, lacks follow-through

Silver battles $26 mark on the road to recovery.
XAG/USD poised for deeper losses on a drop below $25.55.
RSI recovers but still remains within the bearish zone. s
Silver price (XAG/USD) has quickly pulled back from fresh two-month lows of $25.55, now extending the break above the $26 mark.

The bulls appear to increase the recovery momentum, backed by the renewed uptick within the Relative Strength Index (RSI) on the four-hour chart.

The index has recovered from the oversold territory to currently trade at 35.35, offering some respite to the silver bulls.

The next relevant target for the buyers is seen at $26.50, the June 18 highs, which coincided with the downward-sloping 21-Simple Moving Average (SMA) on said time-frame .

However, if the downside bias resumes, a retest of the two-month lows are going to be well on the cards.

Further south, the $25 round figure are going to be on the sellers’ radars.


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