Silver attracts buyers for the second straight day and moves away from a multi-month low.
The technical setup supports prospects for the emergence of fresh selling at higher levels.
A sustained move beyond the 100-day SMA and $29.00 is needed to negate the bearish bias.
Silver (XAG/USD) builds on the overnight goodish rebound from the $26.45 area, or a three-month low and scales higher for the second successive day on Friday. The white metal climbs to a four-day peak, around the $27.75 region during the Asian session, though the positive momentum runs the risk of fizzling out rather quickly.
From a technical perspective, the XAG/USD pauses near the 23.6% Fibonacci retracement level of the July-August downfall. The said barrier should now act as a key pivotal point, which if cleared might trigger a short-covering rally and lift the XAG/USD beyond the $28.00 mark, towards the 38.2% Fibo. level around the $28.50-$28.55 region. That said, oscillators on the daily chart – though have recovered from lower levels – are still holding deep in negative territory.
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