Silver builds on Friday's breakout momentum through a multi-day-old trading range and gains strong follow-through traction for the second successive d
Silver touches a one-week high on Monday, albeit struggles to capitalize on the momentum. The technical setup favours bears and supports prospects for an extension of the recent fall. A sustained strength beyond the $22.20-30 region is needed to negate the negative outlook. ay. The white metal climbs to a one-week high on Monday, albeit struggles to capitalize on the move or find acceptance above the $22.00 mark, warranting some caution before placing fresh bullish bets.
The said area should act as a pivotal point for short-term traders, which if cleared decisively might negate the negative outlook and prompt an aggressive short-covering move. The XAG/USD might then aim to reclaim the $23.00 mark and extend the upward trajectory further towards challenging the 200-day SMA, currently around the $23.35 area. On the flip side, weakness below the daily low, around the $21.
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