Silver Rebounds Toward $60 as Dollar Weakens, Lower-Low Pattern Intact
Silver rose over 2.7% on Thursday, approaching $60.00 as US Treasury yields fell and the US dollar dropped 0.12%. The XAG/USD pair trades at $59.94 after bouncing from daily lows, but a lower-low structure remains in place.
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Silver prices rallied more than 2.7% on Thursday, climbing near the $60.00 mark. The move was driven by a retreat in US Treasury yields and a 0.12% decline in the US Dollar Index.
As of writing, XAG/USD is trading at $59.94 after recovering from its daily lows. Despite the bounce, the broader chart pattern still shows a sequence of lower lows, suggesting the uptrend may face resistance near the $60 level.
Source: FXStreet Forex News