- Silver struggles to capitalize on its modest intraday gains beyond the $24.00 mark.
- The technical set-up favours bullish traders and supports prospects for further gains.
- A convincing break below the $23.00 mark is needed to negate the positive outlook.
Silver builds on Friday’s goodish rebound from the vicinity of the $23.00 mark and gains some follow-through traction on the first day of a new week. The white metal, however, struggles to find acceptance above the $24.00 round figure and retreats from a three-day high touched during the first half of the European session.
The XAG/USD, meanwhile, manages to defend the 100-period SMA on the 4-hour chart, around the $23.70 area, and the technical set-up still seems tilted in favour of bullish traders. The outlook is reinforced by positive oscillators on daily/hourly charts. That said, it will still be prudent to wait for a sustained strength beyond the $24.00 mark before positioning for any further appreciating move.
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