Silver built on the previous day's positive move and gained some follow-through traction for the second consecutive session on Thursday. The momentum pushed the XAG/USD to near two-week tops, back closer to the $26.25-30 supply zone. This comes after the XAG/USD showed resilience below the $25.70 confluence support, comprising of the very important 200-day SMA and the 61.8% Fibonacci level of the $23.78-$28.75 move up. Hence, some follow-through buying will be seen as a fresh trigger for bullish traders and pave the way for additional gains.
Meanwhile, technical indicators on the daily chart – though have been recovering from the negative territory – are yet to confirm a bullish bias. This warrants some caution before positioning for a runaway rally as investors might refrain from placing any aggressive bets ahead of Friday's US monthly jobs report. Any meaningful pullback below the $26.00 mark might continue to find decent support near the $25.70 region ahead of weekly swing lows, around mid-$25.00s. A convincing break below might turn the XAG/USD vulnerable and pave the way for a fall towards challenging the key $25.00 psychological mark.