Silver (XAG/USD) attracts fresh sellers following an uptick to the $22.65 region and drifts into negative territory for the fourth successive day on Thursday.
Silver remains under some selling pressure for the fourth successive day on Thursday. The technical setup favours bearish traders and supports prospects for deeper losses. A sustained strength beyond $23.60-70 barrier is needed to negate the negative bias. The white metal extends its intraday descent through the first half of the European session and drops to the $22.35 area in the last hour, back closer to over a three-week low touched on Wednesday.
70 zone, below which the XAG/USD could extend the downward trajectory further towards the $21.35-$21.30 support en route to the $21.00 round figure. Bearish traders might eventually aim to challenge a multi-month low, around the $20.70-$20.65 area touched in October. On the flip side, the $22.80-$22.85 region might continue to act as an immediate hurdle ahead of the $23.00 mark and the 200-day SMA, currently near the $23.25 region. This is followed by the $23.60-$23.
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