Silver Price Analysis: 50-SMA probes XAG/USD bulls around $24.00

Silver edges higher following the corrective pullback from multi-day low.
Firmer RSI, successful break of support-turned-resistance back the bulls.
200-SMA adds to the upside filters, weekly support line offers extra challenge for bears.

Anil Panchal FXStreet

Silver (XAG/USD) consolidates the last week’s slump, up for the third consecutive day around $23.88 amid Tuesday’s early Asian session. In doing so, the metal buyers battle 50-SMA after recently crossing the previous support line from June 29.

Given the firmer RSI conditions and a clear break of the immediate hurdle, silver many extend the recovery moves towards July’s low surrounding $24.50. During the rise, the $24.00 round figure may offer an intermediate halt.

It should be noted, however, that the metal’s run-up beyond $24.50 will be challenged by the 200-SMA level of $25.24, a break of which will refresh the monthly peak of $26.00.

Meanwhile, a pullback from 50-SMA, around $23.90, will drag the quote back to the previous support line near $23.80 before highlighting a one-week-old rising trend line near $23.55.

In a case where silver bears keep the reins below $23.55, Thursday’s low around $23.00 and the yearly bottom surrounding $22.15, marked early last week, will be the key to follow.

Silver: Four-hour chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	23.88
Today Daily Change	0.12
Today Daily Change %	0.51%
Today daily open	23.76

Trends
Daily SMA20	24.75
Daily SMA50	25.79
Daily SMA100	26.16
Daily SMA200	25.9

Levels
Previous Daily High	23.83
Previous Daily Low	23.17
Previous Weekly High	24.37
Previous Weekly Low	22.17
Previous Monthly High	26.78
Previous Monthly Low	24.5
Daily Fibonacci 38.2%	23.58
Daily Fibonacci 61.8%	23.42
Daily Pivot Point S1	23.34
Daily Pivot Point S2	22.92
Daily Pivot Point S3	22.68
Daily Pivot Point R1	24
Daily Pivot Point R2	24.25
Daily Pivot Point R3	24.66

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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