Silver Price Remains Vulnerable Despite Rebound to $58.97
The silver price has rebounded to around $58.97, but experts warn it remains vulnerable due to cautious investor positioning. According to RBC Capital Markets' latest data, managed-money net-long silver futures stood at 11,280 contracts as of July 21, representing 10.6% of open interest.
This is down slightly from 11.0% a week earlier and indicates that speculative investors have not regained much conviction in the metal. The silver price has struggled to sustain rallies since collapsing from January's extreme high above $120, while it lost another 6.6% over the past month.
The immediate challenge for silver is to reclaim and hold the $60 area before a recovery can be considered convincing. A move above the 20-day average would improve the near-term picture, but the declining 50-day average near $60 presents overhead resistance.