Silver – Oversold on intraday charts

FX_IDC:XAGUSD   Silver / U.S. Dollar
Silver’s retreat from the August 8 high of $20.779/Oz to today’s low of $18.746/Oz has left the precious metal oversold on the intraday charts – as per hourly and 4-hr RSI .

Furthermore, the 50-DMA at $19.32 is still rising, which suggests the selling is overdone and prices could correct from here.

A corrective rally to $19.367/Oz (23.6% of Dec low to May high) appears likely.

On the downside, strong support is seen at $18.275.