• Silver attracts fresh sellers and reverses a part of Thursday’s move up to a nearly two-week top.
• The technical setup favors bearish traders and supports prospects for a further depreciating move. 
• A sustained strength beyond the $28.50 hurdle is needed to negate the near-term negative bias.

Silver (XAG/USD) meets with some supply on Friday and erodes a part of the previous day's strong move up to the $28.50 area, or a nearly two-week high. The white metal remains depressed through the early European session and currently trades around the $28.15-$28.10 region, down over 0.70% for the day.

From a technical perspective, the recent recovery from the $26.45 area, or a three-month low touched last week stalls near the 38.2% Fibonacci retracement level of the July-August decline. The said barrier is pegged near mid-$28.00s and should act as a key pivotal point, above which a fresh bout of a short-covering rally should allow the XAG/USD to reclaim the $29.00 mark. 

The latter coincides with the 50% Fibo. level, which if cleared decisively should pave the way for additional gains. That said, oscillators on the daily chart – though have recovered from lower levels – are yet to confirm a positive bias and warrant some caution before positioning for any further near-term appreciating move.