Silver Price Action: Fthegurus Predicts Recovery to $71 and $73

Silver prices have been trading around $66 after a bouncy opening in September. Over an eight-day period from August 4 to 12, silver rose 13.57%.

The monthly swing for XAG/USD was between $57.97 and $71.19, according to the charts provided. However, traders should focus on closing price confirmation rather than intraday price action.

Fthegurus, a daily chart analyst, has identified the mid-$60 support level as significant. In August, silver rose 17%, and he believes it is 'back to $65.'

A recovery in Friday's candle was consistent with Fthegurus' 'fake breakdown' reading, but another solid close is needed for confirmation. A price drop below $65 would eliminate the setup and potentially lead to a move towards $63.00 or the mental $60.00 region.