Silver (XAG/USD) struggles to capitalize on its modest gains registered over the past three days and attracts some sellers during the Asian session on Tuesday. The white metal currently trades around the $29.35-$29.30 area, down 0.45% for the day, and for now, seems to have stalled the recent recovery from its lowest level since mid-May touched last Wednesday.
From a technical perspective, last week's breakdown through the 50-day Simple Moving Average (SMA) was seen as a fresh trigger for bearish traders. That said, the subsequent bounce from the 61.8% Fibonacci retracement level of the $26.02-$32.51 rally and neutral oscillators on the daily chart warrant some caution before positioning for further losses.
In the meantime, the $29.55-$29.60 area is likely to act as an immediate hurdle ahead of the 38.2% Fibo. level, around the $30.00 psychological mark. A sustained strength beyond the latter will negate any near-term negative bias and lift the XAG/USD to the $31.00 neighborhood with some intermediate resistance near the $30.30-$30.35 supply zone.
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