Silver (XAG/USD) extends the previous day's rejection slide from the very important 200-day Simple Moving Average (SMA) and continues losing ground for the second successive day on Tuesday.
Silver remains under some selling pressure for the second successive day on Tuesday. The formation of a rectangle points to indecision over the next leg of a directional move. The technical setup favours bearish traders and supports prospects for additional losses. The downward trajectory picks up pace during the early part of the European session and drags the white metal to a two-day low, around the $22.75-$22.70 region in the last hour.
The downward trajectory could get extended further and drag the XAG/USD to the next relevant support near the $21.35-$21.30 region en route to the $21.00 mark. Bearish traders might then aim to challenge a seven-month low, around the $20.70-$20.65 area touched in October. On the flip side, the $23.00 mark now seems to cap the immediate upside ahead of the 200-day SMA, currently pegged near the $23.25 region. This is followed by the $23.60-$23.
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