Silver (XAG/USD) extended its previous day's retracement slide from the $33.20-$33.25 resistance zone and triggered some follow-through selling during the Asian session on Wednesday (5/14). The white metal dropped to a fresh intraday low, around the $31.60 area in the last hour, although the mixed technical setup warrants caution before positioning for deeper losses.
Against the backdrop of a decent recovery from the $28.45 area, or the YTD trough touched in April, the recent price action along a three-week-old descending channel constitutes the formation of a bullish flag pattern. However, the overnight failed attempt to break through the trend-channel resistance makes it prudent to wait for a sustained move beyond the $33.25 mark before positioning for any meaningful upside amid slightly negative oscillators on the hourly/daily charts.
XAG/USD could then accelerate the positive move towards the $33.70 intermediate hurdle before aiming to reclaim the $34.00 round figure. Some follow-through buying will set the stage for a further near-term appreciating move towards March monthly swing highs, around the $34.55-$34.60 region.
On the flip side, further weakness below the $32.40 immediate support could turn XAG/USD vulnerable to slide back towards sub-$32.00 levels, or weekly lows touched on Monday. This is followed by the $31.70 region, or monthly lows, below which the white metal could aim to challenge the descending channel support, currently pegged around the $31.35 area. A convincing break below the last will be seen as a key trigger for sellers and pave the way for deeper near-term losses.(Newsmaker23)
Source: FXstreet
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