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.
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
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.
