Silver stalled its recent downfall near the $25.00 mark, or 61.8% Fibo. level support. The set-up still favours bearish traders and supports prospects for further weakness. A move beyond the $26.00 confluence support breakpoint will negate the bearish bias. Silver (XAG/USD) managed to find some support near the key $25.00 psychological mark on Friday and has now managed to recover its intraday losses to five-week lows. The mentioned level marks the 61.8% Fibonacci level of the $21.90-$30.07 strong move up and should now act as a key pivotal point for short-term traders. Given the overnight break below a three-month-old ascending trend-line support, the near-term bias might have already shifted in favour of bearish traders. Moreover, technical indicators on the daily chart have been gaining negative momentum and add credence to the bearish outlook, supporting prospects for further near-term weakness. A convincing break below the $25.00 mark will reaffirm the negative bias and turn the XAG/USD vulnerable to accelerate the corrective slide. The next relevant bearish target is pegged near the very important 200-day SMA, around the $24.00 mark, with some intermediate support near the $24.70 region ahead of the $24.00 horizontal level. On the flip side, any meaningful recovery attempt might still be seen as a selling opportunity and runs the risk of fizzling out rather quickly near the trend-line support breakpoint. The said support-turned-resistance, around the $26.00 mark, coincides with the 50% Fibo. level, which if cleared decisively might negate the bearish bias. A fresh bout of short-covering might then push the XAG/USD back towards the $26.75-80 supply zone en-route the 38.2% Fibo. level, around the $27.00 round-figure mark. XAG/USD daily chart Technical levels to watch  FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next UK PM Johnson spokesman: Expecting EU to honour commitments on exports restrictions of vaccines FX Street 1 year Silver stalled its recent downfall near the $25.00 mark, or 61.8% Fibo. level support. The set-up still favours bearish traders and supports prospects for further weakness. A move beyond the $26.00 confluence support breakpoint will negate the bearish bias. Silver (XAG/USD) managed to find some support near the key $25.00 psychological mark on Friday and has now managed to recover its intraday losses to five-week lows. The mentioned level marks the 61.8% Fibonacci level of the $21.90-$30.07 strong move up and should now act as a key pivotal point for short-term traders. Given the overnight break below a three-month-old ascending… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.