Silver Price Analysis: XAG/USD bounces off 10-DMA, aims to regain $25.00 ahead of FOMC

Silver Price snaps two-day losing streak while bouncing off one-week low.
10-DMA, three-month-old horizontal support zone restrict immediate downside.
Bullish MACD signals, upbeat RSI keeps XAG/USD buyers hopeful.
Silver sellers need validation from monthly support line to retake control.

Anil Panchal FXStreet

Silver Price (XAG/USD) remains mildly bid around $24.65 amid early Monday morning in Asia. In doing so, the XAG/USD recovers from the 10-DMA and three-month-old horizontal support amid upbeat oscillators.

That said, bullish MACD signals and the upbeat RSI (14) add strength to the upside bias about the XAG/USD price.

It’s worth noting that the $25.00 round figure guards the immediate upside of the Silver Price ahead of the latest swing high of around $25.30.

Following that, the yearly high marked in May around $26.15 will lure the XAG/USD buyers.

Meanwhile, a daily closing below the 10-DMA and a horizontal support area comprising multiple levels marked since late April, respectively near the $24.60 and $24.60-50 region, will convince short-term silver sellers.

Even so, a convergence of the 100-DMA and 38.2% Fibonacci retracement level of its March-May upside, near $23.75 at the latest, appears a tough nut to crack for the Silver buyers.

Following that, an ascending support line stretched from late June, around $23.15 by the press time, can’t be ruled out.

Overall, the Silver Price (XAG/USD) is likely to remain firmer unless breaking $23.15.

Silver Price: Daily chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	24.67
Today Daily Change	0.07
Today Daily Change %	0.28%
Today daily open	24.6

Trends
Daily SMA20	23.66
Daily SMA50	23.58
Daily SMA100	23.73
Daily SMA200	22.91

Levels
Previous Daily High	24.92
Previous Daily Low	24.59
Previous Weekly High	25.27
Previous Weekly Low	24.59
Previous Monthly High	24.53
Previous Monthly Low	22.11
Daily Fibonacci 38.2%	24.72
Daily Fibonacci 61.8%	24.79
Daily Pivot Point S1	24.49
Daily Pivot Point S2	24.38
Daily Pivot Point S3	24.16
Daily Pivot Point R1	24.82
Daily Pivot Point R2	25.03
Daily Pivot Point R3	25.15

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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