Silver price rebounded, strong ETF inflows provided support.

The silver price has reversed its downward trend, with strong capital inflows into exchange-traded funds injecting more momentum into its recent rapid uptrend. After falling more than 2% the previous trading day, silver prices broke through $58 per ounce. In the four days leading up to Thursday, the total additional holdings of silver ETFs have already surpassed any complete week since July, indicating strong investor interest, despite signs that the silver price rally may be overextended. The 14-day relative strength index for silver is approaching the 70 threshold - above this level indicates possible overbought conditions. Silver prices have nearly doubled since the beginning of the year, with the past two months seeing accelerated increases due to historic supply tightness in the London market.