Silver (XAG/USD) extends the previous day's sharp retracement slide from the $25.75-$25.80 region, or its highest level since early December and remains under some selling pressure for the second straight day on Friday.
Silver drifts lower for the second straight day and touches a one-and-half-week low. The mixed technical setup warrants caution before placing aggressive bearish bets. A convincing break below the 38.2% Fibo. level will set the stage for deeper losses. Silver extends the previous day's sharp retracement slide from the $25.75-$25.80 region, or its highest level since early December and remains under some selling pressure for the second straight day on Friday.
The corrective decline could then drag the white metal below the $24.00 round-figure mark, towards testing the 50% Fibo. level support near the $23.85 zone en route to the $23.40 confluence, comprising the 61.8% Fibo. and the very important 200-day Simple Moving Average . On the flip side, the $24.80 horizontal support breakpoint could act as an immediate hurdle ahead of the $25.00 psychological mark.
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