Silver (XAG/USD) back above $50 this morning but downside risks not yet removed

On Friday Silver fell below $50 once more. Earlier in the week on Wednesday it had risen to $52.46. The fall below $50 on Friday then took out the low seen Tuesday, at $49.36. The breakdown there led to a flurry of further selling on Friday and it fell to $48.64. However, from there another rebound kicked in ahead of the weekly close. That saw Silver end the week at $50.02. The price action today has seen it trade a range covered so far by $49.72 and $50.40. The high came much earlier today and the low was after that. The metal is just now pushing back above $50 once more though. As far as the wider range is concerned, we repeat what we said last week in terms of the most recent record high, at $54.47 and the low seen at $45.55. The longer term trend will be decided by which one of those levels cracks from here on. Silver is right now at $50.11