Silver trades comfortably above the 200-day average for the first time in over two months. However, a bull breather looks likely, as technical charts show overbought conditions. Silver is trading well above the 200-day average at $16.935 at press time, having closed above the long-term technical line on Monday. The semi-precious metal is hovering above the 200-day average for the first time since March 9. Prices fell in a near-90 degree manner from $17.19 to $11.64 in the seven trading days to March 18 as the coronavirus-led crash in equities triggered a global dash for cash. The latest move above the 200-day average has reversed that price crash. The sharp rally from $11.64 is now looking overstretched, as the 14-day relative strength index is hovering well above 70 for the first time early January. More importantly, the long upper wick attached to Monday’s candle indicates buyer exhaustion and validates the overbought reading on the RSI. As a result, a consolidation or a pullback could be seen. A break below the 200-day average at $16.935 could cause more buyers to take profit, leading to a deeper decline to $16.36 (100-day average). On the higher side, a close above Monday’s high of $17.57 would restore the immediate bullish view. Daily chart Trend: Overbought Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Gold Price Analysis: Extends recovery from 100-HMA, $1,750 back in focus FX Street 2 years Silver trades comfortably above the 200-day average for the first time in over two months. However, a bull breather looks likely, as technical charts show overbought conditions. Silver is trading well above the 200-day average at $16.935 at press time, having closed above the long-term technical line on Monday. The semi-precious metal is hovering above the 200-day average for the first time since March 9. Prices fell in a near-90 degree manner from $17.19 to $11.64 in the seven trading days to March 18 as the coronavirus-led crash in equities triggered a global dash for cash. The latest move above… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.