Commodities
Silver Price Rebounds Off $63.00, But Bearish Bias Remains
The silver price has rebounded off the 38.2% Fibonacci retracement level near $63.00, but the technical analysis suggests that a bearish bias remains.
From a technical perspective, the XAG/USD pair broke below its 200-period Simple Moving Average (SMA) on the 4-hour chart at around $64.71, indicating a bearish tone in the near term.
The subsequent fall stalled near the 38.2% Fibonacci retracement level of the July-August upswing, which should now act as a key pivotal point.
Despite the recent bounce from oversold territory, downside momentum is still dominant, with the Relative Strength Index (RSI) at 37.46 and a negative Moving Average Convergence Divergence (MACD) reading at -0.38 on H4.