Silver Hits YTD Low, Recovers but Bears Target $54 Breakdown
Silver (XAG/USD) touched a new year-to-date low before recovering to $56.00, but remains on track for a weekly loss of over 6.5%, with bears eyeing a breakdown below $54.
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Silver prices recovered some ground on Friday, rising 0.84% after hitting a fresh year-to-date low. At the time of writing, XAG/USD trades at $56.00 per troy ounce.
Despite the intraday bounce, the white metal is poised to close the week down more than 6.5%. Bears are now targeting a breakdown below the $54 level, which would mark a further leg lower for the precious metal.
Source: FXStreet Forex News