Silver (XAG/USD) gains some positive traction for the second successive day and touches a one-week high, around the $23.20 area during the Asian sessi
Silver climbs to a one-week high on Monday, albeit struggles to capitalize on the move up. The technical setup seems tilted in favour of bulls and supports prospects for further gains. A sustained move beyond the $23.30-40 confluence is needed to reaffirm the positive bias. on on Monday. The white metal, however, struggles to capitalize on the move and remains below the $23.30-$23.40 confluence, comprising the 200-day Simple Moving Average and the 61.
00 round figure now seems to find some support near the $22.85 region, or the 50% Fibo. level. The next relevant support is pegged near last week's swing low, around the $22.55 area, ahead of the 38.2% Fibo. level, around the $22.35-$22.30 static support. Failure to defend the said support levels might shift the bias in favour of the XAG/USD bears. The downward trajectory could then get extended further towards the $22.00 round-figure mark, en route to the $21.70 region, representing 23.
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