Silver has seen some interest from buyers, leading to a partial recovery after experiencing a decline earlier, reaching its lowest level in a month.

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• Silver attracts some buying and recovers a part of the overnight slide to a one-month low.

The pair currently trades last at 22.848.

The previous day high was 23.19 while the previous day low was 22.67. The daily 38.2% Fib levels comes at 22.87, expected to provide resistance. Similarly, the daily 61.8% fib level is at 22.99, expected to provide resistance.

Silver gains some positive traction on Wednesday and for now, seems to have snapped a two-day losing streak to a one-month low, around the $22.65 region touched the previous day. The white metal maintains its bid tone around the $22.80-$22.85 zone through the early part of the European session, though the near-term technical setup suggests that the path of least resistance is to the downside.

Against the backdrop of this week’s breakdown below an ascending trend-line extending from the June swing low, a subsequent slide and acceptance below the very important 200-day Simple Moving Average (SMA) was seen as a fresh trigger for bears. Moreover, oscillators on the daily chart are holding in the negative territory and are still far from being in the oversold zone. This, in turn, validates the near-term bearish outlook for the XAG/USD and supports prospects for the emergence of fresh selling at higher levels.

Hence, any further recovery beyond the $23.00 round-figure mark is likely to remain capped near the 200-day SMA breakpoint, currently pegged around the $23.25 region. The latter should act as a pivotal point, which if cleared decisively might trigger a short-covering move and lift the XAG/USD towards the $23.60-$23.65 horizontal barrier. The momentum could get extended further towards reclaiming the $24.00 mark.

On the flip side, the overnight swing low, around the $22.65 region might protect the immediate downside. The XAG/USD, however, still seems vulnerable to slide back towards retesting the multi-month low, around the $22.15-$22.10 area touched in June. Some follow-through selling below the $22.00 mark should pave the way for an extension of the recent downfall witnessed over the past three weeks or so, from the $25.25 area.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 22.85 at the time of writing. Pair opened at 22.78 and is trading with a change of 0.31 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 24.33, 50 SMA 23.72, 100 SMA @ 24.06 and 200 SMA @ 23.21.

The previous day high was 23.19 while the previous day low was 22.67. The daily 38.2% Fib levels comes at 22.87, expected to provide resistance. Similarly, the daily 61.8% fib level is at 22.99, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 22.57, 22.36, 22.04
• Pivot resistance is noted at 23.09, 23.4, 23.61

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