XAGUSD Back Under Pressure

Silver is back under downside pressure on Friday as traders are once again focusing on the reflation trade and selling precious metals. Silver appears to have been heavily rejected after staging a technical retest towards a key symmetrical triangle pattern. The four-hour time frame shows that bears could target the $ 24.00 area if the metal starts to settle under the $ 25.40 level.

XAGUSD is only bullish while trading above the $ 25.40 level, key resistance is found at the $ 26.10 and the $ 26.40 levels.

If XAGUSD trades below the $ 25.40 level, sellers may test the $ 24.80 and $ 24.00 support levels.