Silver attracts some dip-buying in the vicinity of the $23.00 mark on Thursday and climbs to the top end of its intraday trading range during the firs
The technical setup warrants caution for bulls and before positioning for any further gains.attracts some dip-buying in the vicinity of the $23.00 mark on Thursday and climbs to the top end of its intraday trading range during the first half of the European session. The white metal is currently placed around the $23.25 region and for now, seems to have stalled its retracement slide from the $23.60 area, or a two-week high touched on Wednesday.
The lack of follow-through, however, warrants some caution for the XAG/USD bulls, against the backdrop of the previous day's failure to find acceptance above a technically significant 200-day Simple Moving Average . Moreover, oscillators on the daily chart – though have been recovering from lower levels – are still holding in the negative territory. Hence, it will be prudent to wait for some follow-through buying beyond the overnight swing high, around the $23.
The XAG/USD might then aim to surpass the 100-day SMA and accelerate the momentum towards reclaiming the $24.00 round-figure mark. The next relevant hurdle is pegged near the $24.30-$24.35 region, which if cleared decisively should pave the way for a move towards the $25.00 psychological mark. The latter coincides with the August monthly swing high and is followed by the July peak, around the $25.25 region, which if cleared will set the stage for the recent bounce from an ascending trend line extending from the June swing low.
On the flip side, the $23.00 mark might continue to protect the immediate downside. Any further slide below the weekly trough, around the $22.95 region, could find decent support near the $22.30 region, or a nearly one-month low touched last Thursday. A convincing break below the said support levels will confirm a fresh breakdown and make the XAG/USD vulnerable. The white metal could then accelerate the downward trajectory towards the next relevant support near the $21.
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