Silver’s price has reached a resistance level of $24.80, indicating positive market signals and suggesting potential further gains. Buyers are showing interest in buying at this level, hinting at a positive outlook for the silver market.
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- The pair currently trades last at 24.738.
- Pivot support is noted at 24.35, 23.96, 23.71
- Pivot resistance is noted at 25.0, 25.24, 25.64
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The previous day high was 24.84 while the previous day low was 24.2. The daily 38.2% Fib levels comes at 24.59, expected to provide support. Similarly, the daily 61.8% fib level is at 24.44, expected to provide support.
Silver Price (XAG/USD) struggles to extend the two-day uptrend near $24.70-75 during early Tuesday in Asia. In doing so, the bright metal jostles with bullish options market signals and the firmer US Dollar, as well as the technical barrier, amid sluggish trading hours.
That said, the one-month risk reversal (RR) of the Silver price, a gauge of the spread between the call and put options, rose in the last two consecutive days and marked the four-week uptrend to keep the XAG/USD buyers hopeful as the metal rose on Friday and Monday.
With this, the daily RR rose 0.035 by the end of Monday’s North American trading session after posting the three-week upward trajectory with the last week’s RR print of 0.130.
While the options market favors XAG/USD bulls, technical details challenge the Silver buyers.
That said, a fortnight-old descending resistance line challenge the Silver bulls near $24.80, a break of which could test a downward-sloping trend line from July 20, close to $25.05 by the press time.
Following that, the previous monthly high of around $25.30 will act as the final defense of the XAG/USD bears.
On the flip side, the 21-DMA restricts the immediate downside of the Silver price near $24.20.
However, the XAG/USD bears’ major attention will be on the five-week-old support line, close to $23.40 by the press time, to retake control.
It’s worth observing that the upbeat RSI (14) line, not overbought, keeps the XAG/USD buyers as they approach the key upside hurdles.
Trend: Further upside expected
Technical Levels: Supports and Resistances
XAGUSD currently trading at 24.74 at the time of writing. Pair opened at 24.76 and is trading with a change of -0.08% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 24.74 |
| 1 | Today Daily Change | -0.02 |
| 2 | Today Daily Change % | -0.08% |
| 3 | Today daily open | 24.76 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 24.19, 50 SMA 23.67, 100 SMA @ 23.97 and 200 SMA @ 23.08.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 24.19 |
| 1 | Daily SMA50 | 23.67 |
| 2 | Daily SMA100 | 23.97 |
| 3 | Daily SMA200 | 23.08 |
The previous day high was 24.84 while the previous day low was 24.2. The daily 38.2% Fib levels comes at 24.59, expected to provide support. Similarly, the daily 61.8% fib level is at 24.44, expected to provide support.
Note the levels of interest below:
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 24.84 |
| Previous Daily Low | 24.20 |
| Previous Weekly High | 25.15 |
| Previous Weekly Low | 24.04 |
| Previous Monthly High | 25.27 |
| Previous Monthly Low | 22.52 |
| Daily Fibonacci 38.2% | 24.59 |
| Daily Fibonacci 61.8% | 24.44 |
| Daily Pivot Point S1 | 24.35 |
| Daily Pivot Point S2 | 23.96 |
| Daily Pivot Point S3 | 23.71 |
| Daily Pivot Point R1 | 25.00 |
| Daily Pivot Point R2 | 25.24 |
| Daily Pivot Point R3 | 25.64 |
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