Silver (XAG/USD) extends the previous day's retracement slide from the $23.
Silver drifts lower on Tuesday and snaps a two-day winning streak to over a one-week high. The mixed technical setup warrants some caution before placing aggressive directional bets. A sustained strength beyond the $23.60-70 area to support prospects for any further gains. 60-$23.70 horizontal resistance and remains under some selling pressure through the first half of the European session on Tuesday. The white metal currently trades around the $23.20-$23.15 region, down over 0.
25 horizontal resistance breakpoint now turned support, which if broken decisively will be seen as a fresh trigger for bearish traders. The downward trajectory could then get extended further towards the $22.00 round-figure mark en route to the $21.70 horizontal support. On the flip side, momentum beyond the $23.35 region might continue to confront hurdle near the $23.60-$23.70 zone. A sustained strength beyond should allow the XAG/USD to reclaim the $24.
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