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Silver (XAG/USD) attracts buyers for the fourth successive day on Friday and trades near the top end of its weekly range, above the $32.00 mark during the Asian session. Meanwhile, the white metal remains within the striking distance of a multi-year peak touched last week and seems poised to prolong its recent uptrend from the August monthly swing low. This week’s bounce from sub-$31.00 levels and a subsequent move up validate the positive outlook. Moreover, oscillators on the daily chart are holding in positive territory and are away from being in the overbought zone, suggesting that the path of least resistance for the XAG/USD is to the upside. Hence, some follow-through strength back towards the multi-year top around the $32.70 region, en route to the $33.00 mark, looks like a distinct possibility.On the flip side, weakness below the $32.00 mark now seems to find some support near the $31.75 area. A convincing break below, however, might prompt some technical selling and drag the XAG/USD towards the $31.10-$31.05 support and the weekly low, around the $30.90-$30.85 region. The latter should act as a key pivotal point, which if broken decisively will negate the constructive setup and shift the near-term bias in favor of bearish traders. The XAG/USD might then accelerate the slide further towards the $30.25 zone before extending the downfall towards the $30.00 psychological mark and the 100-day SMA support near the $29.80-$29.65 region.
Silver daily chart
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