For the second consecutive day, silver (XAGUSD) is facing difficulties in making significant progress in its value.

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• Silver struggles to gain any meaningful traction for the second straight day on Friday.

The pair currently trades last at 22.738.

The previous day high was 23.0 while the previous day low was 22.63. The daily 38.2% Fib levels comes at 22.86, expected to provide resistance. Similarly, the daily 61.8% fib level is at 22.77, expected to provide resistance.

Silver lacks any firm intraday directional bias on Friday and seesaws between tepid gains/minor losses through the early part of the European session. The white metal currently trades around the $22.70 region, nearly unchanged for the day and just above over a one-month low touched on Wednesday.

The technical setup, meanwhile, suggests that the path of least resistance for the XAG/USD is to the downside. This week’s sustained break below the $23.30-$23.20 confluence – comprising the very important 200-day Simple Moving Average (SMA) and a short-term ascending trend-line – was seen as a fresh trigger for bearish traders. Adding to this, oscillators on the daily chart are holding deep in the negative territory and are still far from being in the oversold zone. This, in turn, supports prospects for an extension of the recent downward trajectory witnessed over the past three weeks or so.

Hence, any subsequent move up towards the $23.00 round figure might still be seen as a selling opportunity 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 accelerate the recovery momentum towards the $23.60-$23.65 horizontal barrier before aiming to reclaim the $24.00 mark.

On the flip side, the $22.65-$22.60 area, or the weekly low, could act as immediate support. The XAG/USD, however, seems vulnerable to retesting the multi-month low, around the $22.15-$22.10 area touched in June. Some follow-through selling below the $22.00 mark will expose the $21.55-$21.50 intermediate support and the $21.00 mark. The downward trajectory could get extended towards the $21.00 round figure en route to the YTD low, or levels just below the $20.00 psychological mark touched in March.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 22.74 at the time of writing. Pair opened at 22.71 and is trading with a change of 0.13 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 24.15, 50 SMA 23.68, 100 SMA @ 24.06 and 200 SMA @ 23.24.

The previous day high was 23.0 while the previous day low was 22.63. The daily 38.2% Fib levels comes at 22.86, expected to provide resistance. Similarly, the daily 61.8% fib level is at 22.77, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 22.56, 22.4, 22.18
• Pivot resistance is noted at 22.93, 23.15, 23.3

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