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US spot silver slides to over a one-week low

Silver slides to over a one-week low on Wednesday, albeit finds some support at lower levels.

The technical setup still favours bearish traders and supports prospects for a further downfall.

The stage seems all set for a retest of an ascending trend-line support, near the $22.35 region.

Silver drifts lower for the third successive day on Wednesday and drops to a one-and-half-week low, around the $22.65 region during the early European session. The white metal, however, manages to recover a bit in the last hour and is currently trading around the $22.80-$22.75 area, still down around 0.30% for the day.

From a technical perspective, the overnight sustained break and close below the $23.00 round figure was seen as a fresh trigger for bearish traders. Furthermore, oscillators on the daily chart have again started gaining negative traction and support prospects for a further depreciating move for the XAG/USD. Hence, a subsequent slide back towards challenging an ascending trend line extending from the June monthly low, currently pegged around the $22.35 zone, looks like a distinct possibility.

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