Silver (XAG/USD) builds on the previous day's goodish rebound from the vicinity of mid-$22.
Silver gains some positive traction, albeit struggles to capitalize on the move beyond $23.00. The mixed technical setup warrants caution for bulls and before positioning for further gains. A sustained break below the $22.50-45 area will be seen as a fresh trigger for bearish traders. 00s, or a multi-day low and gains some follow-through traction on Thursday. The white metal maintains its bid tone through the early part of the European session and currently trades around the $23.
70 barrier, before placing fresh bets. The XAG/USD might then aim to surpass the $24.00 mark and test the $24.20 hurdle before making a fresh attempt towards conquering the $25.00 psychological mark. On the flip side, the $22.50-$22.45 region now seems to have emerged as an immediate strong support. Some follow-through selling, however, will be seen as a fresh trigger for bearish traders and drag the XAG/USD to the $22.00 mark. The downward trajectory could get extended further towards the $21.
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