Silver is gradually recovering today after yesterday’s biggest crash in many years, during which prices plunged from nearly $84 per ounce to around $70.5. The metal is now trading near $74, while the hourly RSI has climbed above 50, suggesting that short-term selling pressure may be fading. Price is consolidating between the 23.6% and 38.2% Fibonacci retracement levels of the latest upswing.
A move back above $75.6 could open the way toward $78 per ounce, where important price reactions have previously appeared. Silver is currently trading roughly at the 50-session exponential moving average (orange line), highlighting that a reaction around this level could increase volatility in either direction. On the downside, a drop below $73 would likely signal another attempt to retest the $70 area.
Source: xStation5
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