Silver comes under some selling pressure on Thursday and for now, seems to have snapped a five-day winning streak to a three-week high, around the $24
.35 region touched the previous day. The white metal extends intraday descent through the early European session and drops to a fresh daily low, around the $24.15 region in the last hour.
From a technical perspective, the extremely overbought Relative Strength Index on hourly charts turns out to be a key factor that prompts some long-unwinding around the XAG/USD. That said, oscillators on the daily chart have just started gaining positive traction. Furthermore, the overnight breakout through the $23.75 confluence, comprising the 200-period Simple Moving Average on the 4-hourHence, any subsequent slide below the $24.
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