Silver comes under some renewed selling pressure on Tuesday and for now, seems to have snapped a two-day winning streak to a one-week high, around the
Silver meets with a fresh supply and erodes a part of the overnight gains to a one-week high. The technical setup seems tilted in favour of bears and supports prospects for further losses. A sustained strength beyond the $22.20-30 region is needed to negate the negative outlook. $22.00 mark touched the previous day. The white metal maintains its offered tone through the early part of the European session and currently trades near the daily low, around the $21.70 region, down over 0.
The latter represents a nearly seven-month low touched last week, which if broken decisively should pave the way for the resumption of the recent descending trend witnessed over the past month or so. The XAG/USD might then turn vulnerable to prolong the downward trajectory and challenge the YTD trough – levels just below the $20.00 psychological mark. On the flip side, momentum beyond the $22.
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