Silver (XAG/USD) gains some positive traction during the Asian session on Tuesday and moves away from a multi-day low, around the $30.90-$30.85 region touched the previous day. The white metal currently trades around the $31.35 region, up 0.60% for the day, snapping a two-day losing streak and stalling its recent corrective pullback from the highest level since December 2012 touched last week.
From a technical perspective, the overnight breakdown through the 23.6% Fibonacci retracement level of the strong rally from the September monthly swing low favors bearish traders. Moreover, oscillators on the 4-hour chart have been gaining negative traction and support prospects for the emergence of some selling at higher levels. This, in turn, warrants some caution before positioning for the resumption of the recent upward trajectory witnessed over the past month or so.
That said, the overnight bounce from sub-$31.00 levels, or the vicinity of the 38.2% Fibo. level, and positive oscillators on the daily chart, suggest that the path of least resistance for the XAG/USD is to the upside. Any further move up, however, might confront resistance near the $31.80 horizontal zone ahead of the $32.00 mark. A sustained strength beyond the latter could push the XAG/USD to the $32.25 intermediate hurdle en route to the multi-year peak, around the $32.70 region.
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