The price of silver, represented by #XAGUSD, has displayed indications of a decrease in its upward movement as it moves towards the $29.00 mark.

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• Silver price has shown signs of a loss in the upside momentum while rallying towards $29.00.

The pair currently trades last at 24.730.

The previous day high was 24.89 while the previous day low was 24.1. The daily 38.2% Fib levels comes at 23.76, expected to provide support. Similarly, the daily 61.8% fib level is at 23.51, expected to provide support.

Silver price (XAG/USD) has sensed selling pressure while attempting to capture the crucial resistance of $29.00 in the London session. The upside momentum in the white metal is losing strength as the US Dollar Index (DXY) has attempted a recovery, however, the upside bias is still intact.

S&P500 futures are showing choppy moves portraying caution among market participants as companies are ready to report second-quarter earnings. Mixed earnings are expected from corporate as the Federal Reserve (Fed) remained aggressive while hiking interest rates from last year’s winter. Also, United States commercial banks deployed more filters on the credit distribution process to maintain asset quality.

The US Dollar Index has rebounded after a straight six-day decline to near 99.50. Price pressures in the United States economy have dropped as gasoline prices have softened sharply and individuals have surrendered spending on big-ticket items to cater to necessities. Households’ real income has slimmed due to higher inflationary pressures.

Going forward, investors will focus on the monthly US Retail Sales data (June), which will release on Tuesday at 12:30 GMT. As per the consensus, the economic data is seen expanding at a pace of 0.5% vs. the former pace of 0.3%.

Silver price has delivered a break above the horizontal resistance plotted from June 09 high at $24.59 on a daily scale, which has turned into support now. The asset is approaching its next stoppage, which is placed from 10 March 2022 high at $26.07.

Upward-sloping 10-period Exponential Moving Average (EMA) at $23.74 is providing support to the Silver bulls.

The Relative Strength Index (RSI) (14) has jumped above 60.00, showing no signs of divergence and any signal of overbought.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 24.79 at the time of writing. Pair opened at 24.88 and is trading with a change of -0.36 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 23.07, 50 SMA 23.63, 100 SMA @ 23.45 and 200 SMA @ 22.73.

The previous day high was 24.89 while the previous day low was 24.1. The daily 38.2% Fib levels comes at 23.76, expected to provide support. Similarly, the daily 61.8% fib level is at 23.51, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 23.44, 22.76, 22.41
• Pivot resistance is noted at 24.48, 24.83, 25.51

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