Silver (XAG/USD) reverses an intraday dip to the $23.10 area and climbs to the top end of its daily trading range during the first half of the European session on Monday.
Silver attracts some dip-buying ahead of the $23.00 round figure, albeit lacks follow-through. The technical setup favours bullish traders and supports prospects for a further positive move. A sustained strength beyond the $23.60-70 supply zone is needed to reaffirm the bullish bias. Bulls still await a sustained strength beyond the very important 200-day Simple Moving Average before placing fresh bets. Any subsequent move up, however, is more likely to confront stiff resistance near the $23.
On the flip side, any meaningful slide below the $23.00 mark is more likely to find decent support and remain limited near the $22.60-$22.50 horizontal support. A convincing break below the latter will shift the bias back in favour of bearish traders and drag the XAG/USD to the $22.00 mark en route to the $21.70 horizontal support zone. Some follow-through selling will expose the $21.35-$21.30 support, below which the XAG/USD seems all set to accelerate the fall further below the $21.
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