Silver (XAG/USD) builds on the previous day's bounce from the vicinity of mid-$22.00s, or over a one-week low and scales higher through the early part
Silver attracts fresh buyers on Thursday and snaps a three-day losing streak to over a one-week low. The mixed technical setup warrants caution for bulls and before positioning for any further move-up. Acceptance below the 38.2% Fibo. might prompt technical selling and pave the way for deeper losses. of the European session on Thursday. The white metal, for now, seems to have snapped a three-day losing streak and currently trades around the $23.00 round figure, up nearly 1% for the day.
Some follow-through buying will expose 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 bullish traders and set the stage for some meaningful upside. On the flip side, the 38.2% Fibo. level, around the $22.75 area, now seems to protect the immediate downside ahead of the overnight swing low, near the $22.55 zone.
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