The technical setup favour bulls, though Friday’s failure warrants caution for aggressive traders.Silver
Technical indicators on the daily chart are holding in the positive territory and still far from being in the overbought zone. This set-up seems tilted in favour of bullish traders and supports prospects for a further near-term appreciating move, though repeated failures near the aforementioned handle warrant some caution.
Some follow-through buying, leading to a subdued move beyond the YTD high, around the $24.70 region, will be seen as a fresh trigger for bulls. The XAG/USD might then accelerate the move and aim to reclaim the key $25.00 psychological mark. The momentum could get extended towards November 2021 high, around the $25.35-$24.40 region.