Silver prices experienced a notable rebound on Thursday, climbing by more than 2.70% and approaching the $60.00 mark as US Treasury yields declined and the US Dollar weakened by over 0.12% [1]. At the time of reporting, XAG/USD was trading at $59.94, having recovered from daily lows of $57.59 [1].
Despite this upward movement, the overall technical structure for silver remains bearish, with a pattern of lower highs and lower lows still intact [1]. Short-term momentum currently favors buyers, as indicated by the Relative Strength Index (RSI), but the RSI remains below the 50-neutral level, suggesting that the broader downtrend could resume [1].
If silver decisively breaks above the $60.00 level, the next target would be the July 6 swing high, followed by a potential challenge of a downslope resistance trendline around $64.70. A further rally could see buyers aiming for the confluence of the 50- and 200-day Simple Moving Averages (SMAs) at $70.25 [1]. Conversely, if silver falls below the current week's low of $57.22, it could test the June 24 cycle low of $55.63, with further support at the November 12, 2025, daily high turned support at $54.39 [1].
CONCLUSION
Silver's recent surge above 2.7% reflects short-term bullish momentum driven by weaker US yields and a softer dollar, but the prevailing downtrend remains unbroken. Key technical levels above and below current prices will determine the next significant move, with traders watching for a decisive break in either direction.