Silver meets with a fresh supply following an intraday uptick to the $23.00 round figure and turns lower for the third successive day on Wednesday. Th
Silver drifts into negative territory for the third straight day on Wednesday. The mixed technical setup warrants caution for aggressive bearish traders. Bulls need to wait for sustained strength beyond the $23.70 supply zone. e white metal remains depressed through the early part of the European session and currently trades around the $22.85 region, down nearly 0.30% for the day.
Hence, any further decline might continue to find some support near the overnight swing low, around the $22.70-$22.65 region. The said area coincides with the 38.2% Fibo. level and should act as a key pivotal point for intraday traders. A convincing break below might prompt some technical selling and drag the XAG/USD to the $22.30-$22.25 horizontal resistance breakpoint now turned support. The downward trajectory could get extended further towards the $22.00 round-figure mark, representing 23.
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