Silver (XAG/USD) remained on the back foot through the first half of the European session on Thursday, albeit managed to hold above the $31.00 mark. However, the technical setup seems to be tilted in favor of bearish traders and suggests that the path of least resistance for the white metal remains on the downside.
The overnight decline and subsequent weakness below the 50-day Simple Moving Average (SMA) confirmed a short-term rising trend-channel breakout. Further, oscillators on the daily chart have been gaining negative traction and add credence to the near-term negative outlook for XAG/USD. However, any further declines are likely to find decent support near the 100-day SMA, currently pegged near the $30.40-$30.35 region.
Some follow-through selling could drag XAG/USD below the $30.00 psychological mark, towards testing the next relevant support near the $29.70 zone. The downward trajectory could extend further towards the $29.00 round-figure mark en-route the very important 200-day SMA, currently pegged near the $28.50-$28.40 region.
On the flip side, the 50-day SMA support breakout, around the $31.35 area, now seems to act as an immediate hurdle. A sustained strength beyond the last could trigger a short-covering rally towards the $31.75 intermediate resistance, the $32.00 round-figure mark and the $32.25-$32.30 supply zone. Any further up-move is more likely to attract fresh sellers and remain capped near the ascending channel support breakout, around the $32.75 region.(ayu)
Source: FXStreet
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