Silver (XAG/USD) struggles to capitalize on its modest intraday uptick and attracts some intraday sellers in the vicinity of the $23.00 mark on Friday
Silver attracts some sellers following an intraday uptick to the $23.00 neighbourhood. The mixed technical setup warrants some caution before placing fresh directional bets. A move beyond the $22.30-40 confluence will set the stage for some meaningful gains. . The white metal currently trades around the $22.80 region, nearly unchanged for the day, and remains confined in a multi-day-old range through the first half of the European session.
The subsequent move up, meanwhile, is more likely to confront stiff resistance near a descending trend-line hurdle extending from the May high, currently pegged around the $24.20 region. A convincing breakout through the latter will be seen as a fresh trigger for bulls and pave the way for additional gains. On the flip side, the $22.50 area, nearing a one-and-half-week low touched on Thursday, now seems to protect the immediate downside for the XAG/USD.
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