• Silver attracts some buying on Thursday and recovers further from the weekly low.
• The technical setup warrants caution before positioning for any further move up.
• A sustained move beyond the $28.00 mark is needed to negate the negative bias.

Silver (XAG/USD) gains some positive traction during the Asian session on Thursday and builds on the overnight bounce from the $27.20-$27.15 region, or the weekly low. The white metal currently trades around the $27.70 area, up 0.40% for the day, and for now, seems to have snapped a two-day losing streak.

From a technical perspective, this week's repeated failures near the 100-period Simple Moving Average (SMA) hurdle on the 4-hour chart, currently pegged near the $28.00 mark, warrant some caution for bullish traders. Furthermore, neutral oscillators on the said chart make it prudent to wait for strong follow-through buying before positioning for an extension of the recent bounce from the $26.45 area, or over a three-month low touched last week.