Silver attracts some buyers during the Asian session on Thursday, albeit lacks follow-through.
The overnight sustained breakdown through a short-term trading range favors bearish traders.
Any subsequent move-up could attract fresh sellers and remain capped near the $31.00 mark.
Silver (XAG/USD) ticks higher during the Asian session on Thursday and moves away from a two-week low, around the $30.00 psychological mark touched the previous day. The white metal currently trades around the $30.40 region, up nearly 0.35% for the day, though lacks bullish conviction.
From a technical perspective, the recent failure to build on the momentum beyond the $31.40 supply zone and the overnight breakdown through a short-term trading range support could be seen as a fresh trigger for bearish traders. That said, neutral oscillators on the daily chart warrant caution and make it prudent to wait for some follow-through selling below the $30.00 mark before positioning for any further depreciating move.
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