Silver Price Analysis: XAG/USD clings to gains above $26.00 mark, bearish bias remains

Silver attracted some buying near 200-hour SMA and edged higher on Friday.
The near-term technical setup remains tilted firmly in favour of bearish traders.
A sustained move beyond the overnight highs is required to negate the bearish bias.
Silver stalled the previous day’s retracement slide from two-week tops and attracted some dip-buying on the last trading day of the week. The commodity persisted to its modest gains through the primary half the ecu session and was last seen hovering near the $26.10-15 region.

From a technical perspective, the XAG/USD, for now, seems to possess formed a robust base near 200-hour SMA, which should now act as a key pivotal point for short-term traders. as long as the overnight positive move struggle to seek out acceptance above the $26.30 supply zone, the bias still seems tilted in favour of bearish traders.

That said, the XAG/USD has been showing resilience below the $25.70 confluence support, comprising of the vital 200-day SMA and therefore the 61.8% Fibonacci level of the $23.78-$28.75 move up. This makes it prudent to attend for a few follow-through selling below the mentioned region before positioning for any longer depreciating move.


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