XAGUSD D1 06 23 2020 1041

Silver has also benefitted substantially from the recent weakness in the US Dollar, as it surged above the yearly open (17.83) on the first day of trade for the month.

With the RSI surging into overbought territory not once, but twice, prices looked certain to break above the February high (18.94) and 2013 downtrend.

However, this has failed to eventuate as the return of risk aversion dulled the eagerness of buyers sending price back towards support at the uptrend from the March low (11.64).

Despite breaking its 14-week uptrend, silver remains constructive above key psychological support at the 17-handle as the RSI and momentum indicator continue to signal bullish intent.

Consolidating in a short-term Symmetrical Triangle highlights the potential for a price breakout should either support or resistance give way.

Price successfully clearing resistance at the 2020 open (17.83), in tandem with both technical indicators continuing to strengthen, could signal a resumption of the impulsive move from the March lows, with key hurdles falling at the June (18.38) and February highs (18.94)

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