Silver Price Analysis: XAG/USD bounces off 10-EMA to defend $24.00 amid sluggish Asian session

Silver Price prints mild gains while snapping three-day losing streak.
Upbeat oscillators, clear rebound from 10-EMA favor XAG/USD buyers.
Sellers remain off the table beyond $23.75 while Silver price upside remains elusive below $24.80.

Anil Panchal FXStreet

Silver Price (XAG/USD) picks up bids to defend the week-start rebound above the $24.00 amid early Monday in Asia. In doing so, the XAG/USD prints the first daily gain in four while reversing from the 10-day Exponential Moving Average (EMA).

Apart from the Silver Price rebound from the 10-EMA, the bullish MACD signals and the upbeat RSI (14) line, not overbought, also underpins the Silver Price recovery to $24.25 by the press time.

However, a convergence of the commodity’s 23.6% Fibonacci retracement of the March–May upside and a four-month-old downward-sloping trend line, close to $24.75–80 at the latest, appears the key for the XAG/USD bulls to cross to retake control.

Following that, the Silver Price run-up towards the previous monthly high of around $25.00 and July’s peak of $25.30 will be in the spotlight.

Meanwhile, a downside break of the 10-EMA level of $24.10, needs validation from the $24.00 round figure to convince the intraday sellers of the Silver.

Even so, the 50-EMA and 38.2% Fibonacci retracement together offer a tough nut to crack for the Silver bears around $23.75.

To sum up, the XAG/USD is likely to portray a corrective bounce amid the US Labor Day Holiday.

Silver Price: Daily chart

Trend: Limited recovery expected

Additional important levels

Overview
Today last price	24.25
Today Daily Change	0.07
Today Daily Change %	0.29%
Today daily open	24.18

Trends
Daily SMA20	23.43
Daily SMA50	23.68
Daily SMA100	23.93
Daily SMA200	23.43

Levels
Previous Daily High	24.82
Previous Daily Low	24.16
Previous Weekly High	25.02
Previous Weekly Low	24.05
Previous Monthly High	25.02
Previous Monthly Low	22.23
Daily Fibonacci 38.2%	24.41
Daily Fibonacci 61.8%	24.57
Daily Pivot Point S1	23.95
Daily Pivot Point S2	23.72
Daily Pivot Point S3	23.28
Daily Pivot Point R1	24.62
Daily Pivot Point R2	25.06
Daily Pivot Point R3	25.29

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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