- Silver fell for the second day in a row on Friday and fell to $24.00.
- A sustained break below an uptrend line will set the stage for further losses.
- The bullish oscillators on the daily chart warrant caution for aggressive bear traders.
XAG silver struggled to capitalize on its intraday rally, instead finding a fresh bid near $24.00 on Friday and down for the second day in a row. The white metal remained on the defensive during the opening days of the North American session and was last seen trading just above $24.00.
Some follow-through selling below the aforementioned handle will confirm a bearish breakout through an upward sloping trend line that extends from the $22.00 level, or the monthly low. This will set the stage for an extension of the sharp overnight pullback from the highest level since August 2021.
That said, the technical indicators on the daily chart, although correcting from higher levels, still remain comfortably in bullish territory. This makes it prudent to wait for a convincing break through the rising trendline before placing aggressive bearish bets around XAG/USD.
The next relevant support is tied near the $23.70 region below, with the downward trajectory potentially extending towards the $23.35 area. XAG/USD could eventually drop below the $23.00 mark towards the $22.85 support zone.
On the other hand, any significant rebound from current levels now appears to face stiff resistance near the daily high around the $24.50-$24.55 zone. Sustained strength beyond negation will reaffirm ascending trendline support and push XAG/USD back towards the $25.00 level.
silver daily chart
Additional technical levels
Source: Fx Street
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
