Silver trades with a positive bias for the third successive day on Monday, albeit lacks any follow-through buying and remains confined in a familiar r
ange below the $23.00 mark through the early European session. The intraday technical setup, meanwhile, favours bullish traders and supports prospects for additional gains.
The outlook is reinforced by the fact that the XAG/USD is holding above the $22.70-$22.65 confluence, comprising the 200-hour and the 100-hour Simple Moving Averages . This, along with positive technicalon the hourly charts, suggests that the path of least resistance for the white metal is to the upside. That said, oscillators on the daily chart – though have been recovering – are yet to confirm the positive outlook and warrant some caution for bulls.
Hence, any subsequent strength back above the $23.00 mark is more likely to confront a stiff barrier near the very important 200-day SMA, currently pegged around the $23.25 region. This is closely followed by resistance near the $23.60-$23.60 horizontal zone, above which a fresh bout of a short-covering has the potential to lift the XAG/USD towards the $24.00 round figure. The latter coincides with the 100-day SMA and should act as a pivotal point for short-term traders.
On the flip side, a sustained break below the aforementioned $22.70-$22.65 confluence support might prompt some technical selling and expose the multi-month low, around the $22.10 region touched in June. Some follow-through selling below the $22.00 mark will be seen as a fresh trigger for bearish traders. The XAG/USD might then accelerate the slide towards the $21.55-$21.50 area en route to the $21.00 round figure. The next relevant support is pegged near the $20.
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