SILVER - Approaching Buying Territory

Silver Price Analysis (XAG/USD) consolidates biggest daily loss in a month below $26.00

Following that, June’s low near $25.50, also the lowest since mid-April, will be the key as a downside break of which won’t hesitate to challenge the April 13 low near $24.65.

Meanwhile, further recovery of silver prices depends upon the breakout of the 200-DMA level of $25.86, which in turn could push the quote to a 50% Fibonacci retracement level of $26.25.

However, the commodity’s advances past $26.25 will be tested by a downward sloping trend line from July 06, near $26.35, as well as the monthly high near $26.75.

To sum, silver remains on the bear’s radar despite the latest bounce BUT it is approaching major support levels and it's on our radar to start Buying again this week.

the FXPROFESSOR