The silver price experiences momentum and remains above $24.55 on Tuesday.
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- Silver price gains traction and holds above $24.55 on Tuesday.
The pair currently trades last at 24.525.
The previous day high was 24.73 while the previous day low was 24.26. The daily 38.2% Fib levels comes at 24.44, expected to provide support. Similarly, the daily 61.8% fib level is at 24.55, expected to provide resistance.
Silver Price (XAG/USD) recovers some lost ground and snaps three days of consecutive losses heading into the European session on Tuesday. XAG/USD currently trades around $24.55, up 0.88% for the day. Market players await the Federal Open Market Committee (FOMC) meeting and Fed Chairman Jerome Powell’s press conference for further guidance for the entire year.
According to the one-hour chart, XAG/USD holds below the 50- and 100-hour Exponential Moving Averages (EMAs) with a downward slope, which means further downside for silver looks favorable.
Silver will meet the immediate resistance level of $24.60-$24.65 region, representing the 100-hour EMA and a low of July 21. The additional upside filter is located at $24.85 (Low of July 18) en route to $25.15 (High of July 18).
On the flip side, any meaningful follow-through selling could drag XAG/USD lower to $24.30 (Low of July 25), followed by $24.10 (Low of July 13). Further south, the next stop of the silver price is $23.60 (Low of June 13).
It’s worth noting that the Relative Strength Index (RSI) stands above 50. Additionally, the bullish MACD signals suggest that upside momentum has been activated.
Technical Levels: Supports and Resistances
XAGUSD currently trading at 24.57 at the time of writing. Pair opened at 24.35 and is trading with a change of 0.9 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 24.57 |
| 1 | Today Daily Change | 0.22 |
| 2 | Today Daily Change % | 0.90 |
| 3 | Today daily open | 24.35 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 23.73, 50 SMA 23.59, 100 SMA @ 23.76 and 200 SMA @ 22.94.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 23.73 |
| 1 | Daily SMA50 | 23.59 |
| 2 | Daily SMA100 | 23.76 |
| 3 | Daily SMA200 | 22.94 |
The previous day high was 24.73 while the previous day low was 24.26. The daily 38.2% Fib levels comes at 24.44, expected to provide support. Similarly, the daily 61.8% fib level is at 24.55, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 24.17, 23.98, 23.7
- Pivot resistance is noted at 24.63, 24.91, 25.09
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 24.73 |
| Previous Daily Low | 24.26 |
| Previous Weekly High | 25.27 |
| Previous Weekly Low | 24.59 |
| Previous Monthly High | 24.53 |
| Previous Monthly Low | 22.11 |
| Daily Fibonacci 38.2% | 24.44 |
| Daily Fibonacci 61.8% | 24.55 |
| Daily Pivot Point S1 | 24.17 |
| Daily Pivot Point S2 | 23.98 |
| Daily Pivot Point S3 | 23.70 |
| Daily Pivot Point R1 | 24.63 |
| Daily Pivot Point R2 | 24.91 |
| Daily Pivot Point R3 | 25.09 |
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