Silver (XAG/USD) remains under some selling pressure for the second successive day on Tuesday and retreats further from the YTD peak, around the $25.45 region touched last week.
Silver extends its recent pullback from the YTD top, though the downside seems limited. The setup favours support prospects for the emergence of dip-buying near mid-$24.00s. Weakness below the latter might prompt fresh selling and pave the way for deeper losses. Silver remains under some selling pressure for the second successive day on Tuesday and retreats further from the YTD peak, around the $25.45 region touched last week.
This is followed by the $24.00 round-figure mark, which if broken decisively might shift the bias in favour of bearish traders. The XAG/USD might then accelerate the corrective decline back towards the 200-day SMA support, currently pegged near the $23.35-$23.30 region. On the flip side, momentum back above the $25.00 psychological mark might confront some resistance near the $25.20 region ahead of the YTD peak, around the $25.45 area.
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