Silver gains some positive traction on Wednesday and builds on the previous day's late rebound from the $22.20 area, or a nearly two-month low. The wh
ite metal extends its steady intraday ascent through the early part of the European session and climbs to a fresh daily high, around the $22.65-$22.70 region in the last hour.
From a technical perspective, the intraday strength beyond the 100-hour Simple Moving Average might have already set the stage for a further appreciating move. Moreover, oscillators on the 1-hour chart have been gaining positive traction and are still far from being in the overbought zone, validating the constructive outlook. That said, it will still be prudent to wait for strong follow-through buying before confirming that the XAG/USD has formed a near-term bottom.
The latter should act as a key pivotal point, which if cleared might trigger a short-covering move and lift the XAG/USD to the $23.60-$23.65 horizontal barrier. Bulls might eventually aim to reclaim the $24.00 round figure. On the flip side, the overnight swing low, around the $22.20 region, nearing the multi-month low, around the $22.15-$22.10 area touched in June, might continue to protect the immediate downside. Bearish traders might wait for some follow-through selling below the $22.00 mark before placing fresh bets. The XAG/USD might then accelerate the fall towards the $21.55-$21.50 area en route to the $21.00 round figure.
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