Silver reverses modest intraday losses to the $23.15 area and climbs back closer to a nearly two-week high touched this Tuesday. The white metal now t
The mixed technical setup warrants caution before placing aggressive directional bets.reverses modest intraday losses to the $23.15 area and climbs back closer to a nearly two-week high touched this Tuesday. The white metal now trades around the $23.25 region during the early European session, nearly unchanged for the day.
From a technical perspective, oscillators on the daily chart – though have been recovering from lower levels – are still holding in the negative territory and favour bearish traders. That said, last week's solid bounce from the $22.
On the flip side, momentum beyond the $23.30 area, or the daily peak, could face stiff resistance and remain capped near a technically significant 200-day Simple Moving Average , currently pegged around the $23.45 region. A sustained breakout, however, could shift the bias in favour of bullish traders. This, in turn, should allow the XAG/USD to climb further beyond the 100-day SMA barrier near the $23.80 region and aim to reclaim the $24.00 round-figure mark.
The next relevant hurdle is pegged near the $24.30-$24.35 region, above which the XAG/USD is likely to conquer the $25.00 psychological mark. The latter coincides with the August monthly swing high and is closely followed by the July peak, around the $25.25 region.
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