#XAGUSD has settled at $24.313 as the recent drop in silver’s price near $24.00 has stabilized, thanks to the strong performance of the US Dollar.

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• Silver finds stabilization after a sell-off to near $24.00 amid strength in the US Dollar.

The pair currently trades last at 24.313.

The previous day high was 25.15 while the previous day low was 24.04. The daily 38.2% Fib levels comes at 24.47, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.73, expected to provide resistance.

Silver price (XAG/USD) remains topsy-turvy above the crucial support of $24.00 in the New York session. The white metal struggles to find direction as investors need strong cues about September’s monetary policy by the Federal Reserve (Fed) as policymakers held incoming data accountable for further action.

S&P500 opens on a bullish note as fears of a recession in the United States have faded significantly. Considering the stellar performance of the US economy in the April-June quarter and commentary from Fed officials that they are not expecting a recession due to the tight labor market, investors find strength for pumping money into US equities.

The US Dollar Index (DXY) rebounds firmly after correcting to near 101.40 as soft US core Personal Consumption Expenditure (PCE) price index data fails to offset the impact of upbeat Gross Domestic Product (GDP) data.

The US core PCE price index gained at a pace of 0.2% in June as expected by the market participants but remained slower than the 0.3% figure, being registered in May. On an annualized basis, Federal Reserve’s (Fed) preferred inflation tool softened sharply to 4.1% vs. the expectations of 4.2% and the former release of 4.6%.

Silver price delivers a breakdown of the Double Top chart pattern formed above $25.00 on a two-hour scale. The aforementioned pattern was triggered after slipping below July 24 low at $24.27 and a bearish reversal has been triggered. The 20-period Exponential Moving Average (EMA) at $24.40 is acting as a barricade for the Silver bulls.

The Relative Strength Index (RSI) (14) has shifted into the bearish range of 20.00-40.00, which indicates that the bearish momentum is active.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 24.23 at the time of writing. Pair opened at 24.13 and is trading with a change of 0.41 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 24.01, 50 SMA 23.64, 100 SMA @ 23.88 and 200 SMA @ 23.03.

The previous day high was 25.15 while the previous day low was 24.04. The daily 38.2% Fib levels comes at 24.47, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.73, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 23.73, 23.34, 22.63
• Pivot resistance is noted at 24.84, 25.54, 25.94

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