XAG/USD retreats towards the support area right above $33.00
Silver prices depreciate for the second consecutive day to approach support at $33.10.
A softer US Dollar is keeping precious metals from retreating further.
Confirmation below $33.10 would increase bearish pressure toward $32.10.
Silver Prices (XAG/USD) are trading lower for the second consecutive day on Thursday, with price action approaching a key support area at $33.10.following Wednesday’s reversal at the $34.50 area.
The lower high posted on Wednesday and price action breaking below the 4 H 50 SMA suggest that the pair might have reached the end of its bullish cycle and is ready for a corrective reversal.
On the other hand, the US Dollar is showing a moderately bearish tone over the last sessions. This will likely keep precious metals from retreating further until the US PCE prices index and especially Friday’s NFP report are out.
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