Oct 1 2024, 11:41
Silver (XAG/USD) gained some positive traction during the Asian session on Tuesday and moved away from multi-day lows, around the $30.90-$30.85 region touched the previous day. The white metal is currently trading around the $31.35 region, up 0.60% for the day, snapping two consecutive days of the losing streak and stalling its recent corrective slide from the highest levels since December 2012 touched last week.
From a technical perspective, the overnight break through the 23.6% Fibonacci retracement level of the strong rally from September monthly swing lows favours bearish traders. Moreover, oscillators on the 4-hourly chart have gained negative traction and support prospects for some selling at higher levels. This, in turn, warrants some caution before positioning for the resumption of the recent up-trend witnessed over the past one month or so. (ayu)
Source: FXstreet
