On Tuesday, the value of silver increased and regained a significant portion of the losses incurred overnight, indicating renewed interest in the precious metal.

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• Silver catches fresh bids on Tuesday and recovers a major part of the overnight losses.

The pair currently trades last at 24.164.

The previous day high was 24.3 while the previous day low was 23.88. The daily 38.2% Fib levels comes at 24.04, expected to provide support. Similarly, the daily 61.8% fib level is at 24.14, expected to provide support.

Silver regains strong positive traction on Tuesday and reverses a major part of the previous day’s slide to sub-$23.00 levels. The white metal maintains its bid ton through the first half of the European session and is currently placed near the top end of its daily trading range, around the $24.20 region, up over 0.50% for the day.

From a technical perspective, the XAG/USD, for now, seems to have stalled its retracement slide from its highest level since May 11 touched on Friday. Meanwhile, oscillators on the daily chart are holding in the bullish territory and have again started gaining positive traction on hourly charts. This, in turn, supports prospects for a further appreciating move and move towards retesting the $24.50-$24.55 resistance zone, representing the 50% Fibonacci retracement level of the downfall witnessed in May.

Some follow-through buying will be seen as a fresh trigger for bullish traders and set the stage for the resumption of a nearly three-week-old upward trajectory, from the $22.70-$22.65 area, or a two-month low touched in May. The XAG/USD might then aim to reclaim the $25.00 psychological mark and accelerate the positive momentum further towards the $25.35-$25.40 hurdle. Bulls might then make a fresh attempt towards conquering the $26.00 round figure.

On the flip side, the 38.2% Fibo. level, around the $24.00 mark, also representing a strong horizontal barrier breakpoint, should protect the immediate downside. This is closely followed by the overnight swing low, around the $23.90-$23.85 region, nearing the 200-hour Simple Moving Average (SMA), which should now act as a pivotal point. A convincing break below the latter will expose the 23.6% Fibo. level, around mid-$23.00s. before the XAG/USD drops to the monthly low, around the $23.25 region.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 24.2 at the time of writing. Pair opened at 24.06 and is trading with a change of 0.58 % .

The pair is trading above its 20 Daily moving average @ 23.58, below its 50 Daily moving average @ 24.49 , above its 100 Daily moving average @ 23.35 and above its 200 Daily moving average @ 22.29

The previous day high was 24.3 while the previous day low was 23.88. The daily 38.2% Fib levels comes at 24.04, expected to provide support. Similarly, the daily 61.8% fib level is at 24.14, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 23.86, 23.66, 23.43
• Pivot resistance is noted at 24.28, 24.5, 24.7

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