Silver scales higher for the second successive day on Thursday – also marking the fourth day of a positive move in the previous five – and touches a n
Silver gains some follow-through traction on Thursday and advances to a near two-week high. The technical setup warrants some caution for bulls and before positioning for additional gains. Weakness below the $21.60-55 area will suggest that the recovery momentum has lost steam. ear two-week high during the early part of the European session. The white metal, however, remains below the $22.30 strong horizontal support breakpoint, now turned resistance, warranting some caution for bullish traders.
The white metal might then climb to the $23.75-$23.80 region en route to the $24.00 round figure and the $24.30-$24.35 hurdle. On the flip side, the $21.85-$21.80 zone now seems to have emerged as an immediate strong support. The next relevant support is pegged near the $21.60-$21.55 region, or the weekly low. Some follow-through selling could drag the XAG/USD back towards a multi-day-old trading range resistance breakpoint, now turned support, around the $21.3-$21.30 region en route to the $21.
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