Silver (XAG/USD) attracted some sellers during the Asian session on Wednesday (3/26) and eroded part of the previous day's strong up-move. The white metal is currently trading around the $33.65-$33.60 area, down 0.30% for the day, although the downside appears limited amid the bullish technical setup.
XAG/USD showed some resilience last week below the $33.00 level and the 100-period Simple Moving Average (SMA) on the 4-hour chart. The subsequent up-move and positive oscillators on the daily chart validate the positive outlook. Hence, any further intraday decline could be seen as a buying opportunity and remain limited near the latter.
However, a convincing break below the last might prompt some technical selling and drag XAG/USD further below last week's low, around the $32.65 region, towards testing the $32.00 round figure. This is followed by support near the $31.80 zone (March 11 low), which if broken might shift the bias in favour of bears and expose monthly lows, around the $31.10 area.
On the flip side, bulls might now wait for a move beyond the $33.80 area, or weekly highs touched earlier this Wednesday, before placing fresh bets. XAG/USD might then reclaim the $34.00 mark and climb further towards multi-month highs, around the $34.20-$34.25 region touched on March 18, en-route multi-year highs, around the $34.85 zone touched in October.(Newsmaker23)
Source: FXstreet
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