Silver Price Climbs Back to $67.00 as Bulls Await Breakout
The Silver price (XAG/USD) has climbed back to near the $67.00 mark, but remains within its familiar trading range established over the past week.
Bulls are waiting for a breakout above the 100-period Simple Moving Average (SMA), currently located just ahead of the $67.00 level, which would pave the way for additional gains in the near term.
Despite the recent recovery, the Relative Strength Index (RSI) has only reached the mid-50s, hinting at stabilizing momentum, while the Moving Average Convergence Divergence (MACD) shows a modest positive reading, indicating fading downside pressure.
If the Silver price breaks above the $67.00 mark, it could extend further towards retesting the monthly swing high around $68.00. On the other hand, a convincing break below this level would shift the near-term bias in favor of bearish traders and expose the monthly swing low around $63.35-$63.30.