Silver is experiencing difficulty maintaining its gains made earlier in the day, as it tries to stay above the high point reached this Thursday, which is the highest it has been in over two months.

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• Silver struggles to preserve its intraday gains to over a two-month high touched this Thursday.

The pair currently trades last at 25.150.

The previous day high was 25.24 while the previous day low was 24.94. The daily 38.2% Fib levels comes at 25.13, expected to provide support. Similarly, the daily 61.8% fib level is at 25.06, expected to provide support.

Silver retreats from its highest level since May 11, around the $25.25 region touched this Thursday and drops to a fresh daily low during the early European session. The white metal, however, manages to hold above the $25.00 psychological mark and seems poised to prolong its recent upward trajectory witnessed over the past month or so.

Last week’s sustained breakout through the $24.50-$24.60 static barrier, which coincided with the 61.8% Fibonacci retracement level of the May-June downfall validates the positive outlook for the XAG/USD. Moreover, oscillators on the daily chart are holding in the positive territory and are still far from being in the overbought zone. This, in turn, suggests that the path of least resistance for Silver is to the upside and supports prospects for a further near-term appreciating move.

From current levels, any subsequent slide below the $25.00 mark is more likely to attract fresh buyers near the $24.75 region, which is followed by the weekly low, around the $24.60 area. The latter coincides with a key resistance breakpoint, now turned support, and should act as a strong base for the XAG/USD. That said, some follow-through selling could drag Silver further towards the $24.00 round figure en route to the $23.65-$23.60 support zone and the $23.20-$23.15 region.

A convincing break below the $23.00 round figure is needed to negate the positive outlook and shift the bias in favour of bearish traders.

On the flip side, the daily swing high, around the $25.25 area, might now act as an immediate hurdle ahead of the $25.50-$25.55 region, above which the XAG/USD might aim to reclaim the $26.00 round figure. Bulls might then aim to challenge the YTD peak, around the $26.10-$26.15 area touched in May. Some follow-through buying will set the stage for an extension of the recent goodish rebound from the vicinity of the $22.00 mark, or a three-month low touched in June.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 25.1 at the time of writing. Pair opened at 25.14 and is trading with a change of -0.16 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 23.42, 50 SMA 23.56, 100 SMA @ 23.65 and 200 SMA @ 22.85.

The previous day high was 25.24 while the previous day low was 24.94. The daily 38.2% Fib levels comes at 25.13, expected to provide support. Similarly, the daily 61.8% fib level is at 25.06, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 24.98, 24.81, 24.68
• Pivot resistance is noted at 25.27, 25.4, 25.57

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