SILVER PRICE ANALYSIS: XAG/USD REMAINS BELOW $31.00 MARK, BULLS FLIRT WITH 200-HOUR SMA
- Silver regains positive traction and stalls a two-day corrective slide from over a one-month top.
- The technical setup warrants some caution before positioning for a further intraday move up.
- A breakout through a short-term trading range is needed to confirm the near-term direction.
Silver (XAG/USD) attracts some buyers during the Asian session on Tuesday, snapping a two-day losing streak and stalling the recent pullback from the $31.75 area or its highest level since May 31 touched last week. The white metal currently trades around the $30.80-$30.85 region, up 0.45% for the day, with bulls now awaiting a sustained move beyond the 200-hour Simple Moving Average (SMA) before positioning for further gains.
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