Silver rebounded on Tuesday, but its upward momentum was not sustained.
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- Silver regains positive traction on Tuesday, albeit lacks follow-through.
The pair currently trades last at 24.292.
The previous day high was 24.36 while the previous day low was 24.05. The daily 38.2% Fib levels comes at 24.17, expected to provide support. Similarly, the daily 61.8% fib level is at 24.24, expected to provide support.
Silver retests a three-week high on Tuesday, albeit struggles to capitalize on the move and remains below the $24.35-$24.40 area through the early European session.
The said hurdle might now act as a pivotal point, which if cleared decisively will set the stage for an extension of the recent rally from the $22.20 area, or the lowest level since June 23 touched earlier this month. Given that technical indicators on the daily chart have just started gaining positive traction, the XAG/USD might then aim to surpass the $24.55-$24.60 intermediate barrier and reclaim the $25.00 psychological mark. The positive move could get extended further towards the $25.25 zone, or the July monthly swing high, en route to the $26.00 round figure.
On the flip side, the $24.00 mark is likely to protect the immediate downside ahead of the 200-period Simple Moving Average (SMA) on the 4-hour chart, currently pegged around the $23.85 region. A sustained break below might prompt some technical selling and drag the XAG/USD towards the $23.55 region. This is closely followed by support near the $23.40 area, representing the 200-day SMA, which if broken decisively might shift the near-term bias in favour of bearish traders and pave the way for a further downside towards testing sub-$23.00 levels.
Any subsequent decline will expose the $22.20-$22.10 support zone. The latter represents the neckline of a bearish head and shoulders pattern formation on the daily chart. Hence, a convincing break below will set the stage for a meaningful decline.
Technical Levels: Supports and Resistances
XAGUSD currently trading at 24.28 at the time of writing. Pair opened at 24.23 and is trading with a change of 0.21 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 24.28 |
| 1 | Today Daily Change | 0.05 |
| 2 | Today Daily Change % | 0.21 |
| 3 | Today daily open | 24.23 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 23.29, 50 SMA 23.53, 100 SMA @ 23.97 and 200 SMA @ 23.37.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 23.29 |
| 1 | Daily SMA50 | 23.53 |
| 2 | Daily SMA100 | 23.97 |
| 3 | Daily SMA200 | 23.37 |
The previous day high was 24.36 while the previous day low was 24.05. The daily 38.2% Fib levels comes at 24.17, expected to provide support. Similarly, the daily 61.8% fib level is at 24.24, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 24.07, 23.9, 23.76
- Pivot resistance is noted at 24.38, 24.52, 24.68
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 24.36 |
| Previous Daily Low | 24.05 |
| Previous Weekly High | 24.38 |
| Previous Weekly Low | 22.67 |
| Previous Monthly High | 25.27 |
| Previous Monthly Low | 22.52 |
| Daily Fibonacci 38.2% | 24.17 |
| Daily Fibonacci 61.8% | 24.24 |
| Daily Pivot Point S1 | 24.07 |
| Daily Pivot Point S2 | 23.90 |
| Daily Pivot Point S3 | 23.76 |
| Daily Pivot Point R1 | 24.38 |
| Daily Pivot Point R2 | 24.52 |
| Daily Pivot Point R3 | 24.68 |
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