Bullions bounce back as weaker-than-expected jobs data take a toll on the US dollar.
On the daily chart, silver has found support at the 61.8% (25.70) Fibonacci retracement level from the late March rally. 26.50 has so far capped the bulls’ attempts.
The latest breakout is a confirmation of the previously mentioned bullish RSI divergence. The bears may rush to cover their bets before it becomes too expensive to do so.
27.20 would be the next target when the rebound gains traction.