Silver recoups losses as risk assets recover at the expense of the US dollar. As the price approaches July 2020’s lows around 17.80, an oversold RSI on the daily chart suggests potential exhaustion in the current downtrend. The precious metal could use a rebound to take a breather. The RSI’s oversold situation on the hourly chart triggered a ‘buying-the-dips’ behavior. 19.40 has proven to be a tough resistance to crack and could cap the bounce. A bullish breakout, however, would trigger an extended rally above 20.00.
