The price of silver, symbolized as XAGUSD, increased to 22.804 on Thursday, which led to some purchases of the metal. This ended a three-day period of decreasing prices and brought it back up from the lowest point it had been in a month.

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• Silver attracts some buying on Thursday and snaps a three-day losing streak to a one-month low.

The pair currently trades last at 22.804.

The previous day high was 22.94 while the previous day low was 22.62. The daily 38.2% Fib levels comes at 22.74, expected to provide support. Similarly, the daily 61.8% fib level is at 22.82, expected to provide resistance.

Silver gains some positive traction on Thursday and for now, seems to have snapped a three-day losing streak to over a one-month low, around the $22.60 region touched the previous day. The white metal sticks to the recovery gains through the early part of the European session and currently trades around the $22.80 area, up over 0.60% for the day, though the technical setup remains tilted in favour of bearish traders.

This week’s sustained breakdown below the $23.30-$23.20 confluence – comprising the very important 200-day Simple Moving Average (SMA) and a short-term ascending trend-line – adds credence to the negative outlook for the XAG/USD. Moreover, oscillators on the daily chart are holdign deep in the negative territory and are still far from being in the oversold zone. This, in turn, suggests that the path of least resistance for Silver is to the downside and supports prospects for an extension of the recent .downward trajectory witnessed over the past three weeks or so.

Hence, a subsequent slide back towards retesting the multi-month low, around the $22.15-$22.10 area touched in June, looks like a distinct possibility. Some follow-through selling below the $22.00 round-figure mark will be seen as a fresh trigger for bearish traders and drag the XAG/USD to the $21.55-$21.50 intermediate support en route to the $21.00 mark. The downward trajectory could get extended further towards the $21.00 level before Silver eventually aim to challenge the YTD low, or levels just below the $20.00 psychological mark touched in March.

On the flip side, any further recovery beyond the $23.00 round figure is likely to attract fresh sellers and remain capped near the $23.20-$23.30 confluence support breakpoint, now turned resistance. The latter should act as a pivotal point, which if cleared decisively might trigger a short-covering move. The XAG/USD might then climb further towards the $23.60-$23.65 horizontal barrier before aiming to reclaim the $24.00 mark.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 22.8 at the time of writing. Pair opened at 22.67 and is trading with a change of 0.57 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 24.26, 50 SMA 23.7, 100 SMA @ 24.06 and 200 SMA @ 23.22.

The previous day high was 22.94 while the previous day low was 22.62. The daily 38.2% Fib levels comes at 22.74, expected to provide support. Similarly, the daily 61.8% fib level is at 22.82, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 22.55, 22.43, 22.23
• Pivot resistance is noted at 22.86, 23.06, 23.18

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