Silver (XAG/USD) met with fresh supply on Friday (08/11) and reversed a major part of the previous day's decent recovery move from over three-week lows. The white metal continued losing ground through the first half of the European session and refreshed daily lows, around the $31.30 area in the last hour.
From a technical perspective, any further declines are likely to find some support near the $31.00 level ahead of the $30.85-$30.80 region, or multi-week lows. Some follow-through selling below the 50% Fibonacci retracement level of the August-October rally, around the $30.65-$30.60 area, will be seen as a fresh trigger for bearish traders.
Given that the oscillators on the daily chart have just started gaining negative traction, a subsequent decline could drag XAG/USD below the 100-day Simple Moving Average (SMA), currently pegged around the $30.25 region, towards the psychological $30.00 mark. The downward trajectory could extend towards the 61.8% Fibo. level, near the $29.65 region.
On the flip side, the $32.00 round-figure mark now seems to have emerged as an immediate strong hurdle. This is followed by a hurdle near the $32.30-$32.35 horizontal zone, which if broken decisively could trigger a short-covering move towards the $33.00 level before XAG/USD extends its positive momentum towards the next relevant barrier near mid-$33.00s.
Source: FXStreet
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