A softer US dollar is exactly what commodity traders have been waiting for. Silver is looking to safeguard its gains after the latest pop above the resistance at 26.40.
An over-extended RSI was followed up by profit-taking in the supply area. However, a nascent rising trendline hints at buyers’ strong interest in bidding up the price.
A reversal is in the making if the price action succeeds in staying above 25.80.
A bullish breakout above 26.90 could trigger a broader rally into the 28s.