Silver fails to extend rebound from three-month low.
Bearish candlestick formation joins Momentum retreat to keep sellers hopeful.
50% Fibonacci retracement guards immediate upside, multi-day low on bears’ radar.

Silver (XAG/USD) fades bounce off multi-day low, down 0.06% to $25.24, amid Thursday’s Asian session.

The white metal took a U-turn from April 13 lows the previous day before stepping back from $25.30, which in turn portrayed an “Evening star” bearish candlestick on the four-hour (4H) play.

Given the downward sloping Momentum line also rejecting the bulls, the white metal is likely to re-test the multi-day low, flashed the previous day, around $24.75. During the fall, the $25.00 threshold may act as an intermediate halt.

It should, however, be noted that the commodity’s weakness past $24.75 will be subject to its ability to conquer the mid-April lows near $24.68.

Meanwhile, recovery moves need to stay beyond $25.30 to defy the bearish candlestick and aim for a 50% Fibonacci retracement level of July 14-21 downside, near $25.60.

Though, July 13-14 lows surrounding $25.95-$26.00 will be the key hurdle to the north.

Trend: Further weakness expected

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