XAG/USD struggles near session lows, around mid-$27.00s Silver witnessed some fresh selling on the first day of a new trading week and eroded a major part of Friday's softer NFP-inspired gains. The white metal was last seen trading just above mid-$27.00s, down 0.70% for the day. From a technical perspective, the XAG/USD, so far, has managed to hold comfortably above three-week lows, around the $27.00 mark touched last week. The mentioned handle should now act as a key pivotal point for short-term traders. Technical indicators on hourly charts have again started drifting into the negative territory and support prospects for further intraday losses. That said, neutral oscillators on the daily chart warrants some caution for bearish traders. Hence, it will be prudent to wait for sustained weakness below the $27.00 level before positioning for any further depreciating move. The XAG/USD might then accelerate the fall to the $26.60 resistance breakpoint en-route the $26.00 mark. The downward trajectory could further get extended towards the very important 200-day SMA, currently near the $25.75-70 region. A convincing break below will negate any near-term positive bias, instead prompt some aggressive technical selling. On the flip side, the daily swing highs, around the $27.85 region now seems to act as an immediate hurdle ahead of the $28.00 mark. This is followed by the $28.25-30 supply zone, which if cleared will be seen as a fresh trigger for bullish traders. The next relevant barrier is seen near May monthly swing highs, around the $28.75 region. Some follow-through buying should pave the way for a move beyond the $29.00 mark, towards the $29.60 resistance zone en-route the $30.00 psychological mark.
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