Silver starts to gain positive momentum on Friday and distances itself from its lowest point in two weeks.

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• Silver regains positive traction on Friday and moves away from a two-week low.

The pair currently trades last at 24.192.

The previous day high was 25.15 while the previous day low was 24.04. The daily 38.2% Fib levels comes at 24.47, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.73, expected to provide resistance.

Silver attracts some buying on the last day of the week and reverses a part of Thursday’s steep intraday slide to the $24.00 mark or over a two-week low. The white metal sticks to its modest intraday gains through the early European session and currently trades around the $24.20-$24.15 region, up nearly 0.30% for the day.

From a technical perspective, the overnight failure ahead of the $25.00 psychological mark and the subsequent slump below the $24.30-$24.25 horizontal zone might have already shifted the near-term bias in favour of bearish traders. Furthermore, oscillators on hourly charts are holding deep in the negative territory and suggest that any subsequent intraday positive move runs the risk of fizzling out rather quickly.

That said, technical indicators on the daily chart – though have been losing traction – are yet to confirm the negative outlook. This makes it prudent to wait for some follow-through selling and acceptance below the $24.00 mark before placing fresh bearish bets. The XAG/USD could then slide to the $23.20-$23.15 region en route to the very important 200-day Simple Moving Average (SMA), around the $22.00 mark.

The downward trajectory could get extended further and make the XAG/USD vulnerable to challenge the multi-month low, around the $22.15-$22.10 area touched in June.

On the flip side, momentum beyond the $24.25-$24.30 region is likely to attract fresh sellers near the $24.60-$24.65 area. This, in turn, should cap the XAG/USD near the $25.00 mark. This is followed by the monthly peak, around the $25.25 zone, which if cleared decisively will negate the negative outlook. Silver might then aim to surpass the $25.50-$25.55 intermediate hurdle and accelerate the move to reclaim the $26.00 mark.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 24.2 at the time of writing. Pair opened at 24.13 and is trading with a change of 0.29 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 24.01, 50 SMA 23.64, 100 SMA @ 23.88 and 200 SMA @ 23.03.

The previous day high was 25.15 while the previous day low was 24.04. The daily 38.2% Fib levels comes at 24.47, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.73, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 23.73, 23.34, 22.63
• Pivot resistance is noted at 24.84, 25.54, 25.94

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