Silver (XAG/USD) kicks off the new week on a weaker note and erodes a part of Friday's strong move up to the $22.80 region, or a two-week high. The wh
Silver meets with some supply and erases a part of Friday’s strong gains to a two-week high. The technical setup supports prospects for the emergence of some dip-buying at lower levels. Sustained weakness back below the $22.30 area could pave the way for further intraday losses. ite metal maintains its offered tone through the early part of the European session and is currently placed just above mid-$22.00s, down over 0.70% for the day.
65 zone, or a seven-month low touched earlier this month. On the flip side, bulls might now wait for a move beyond the $22.80 region, or the 50% Fibo. level, before placing fresh bets. The XAG/USD might then surpass the $23.00 round-figure mark and climb further towards testing the $23.35 confluence, comprising the very important 200-day Simple Moving Average and the 61.8% Fibo. level. A sustained move beyond will set the stage for a further appreciating move.
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