Silver Price Analysis: XAG/USD bounces off 21-DMA above $24.00 after the biggest daily slump in five weeks

Silver Price picks up bids to pare the biggest daily loss since June 20.
Clear downside break of three-week-old rising trend line, looming bear cross on MACD lure XAG/USD sellers.
Short-term DMAs can test Silver bears ahead of $23.00 support confluence; XAG/USD recovery remains elusive blow $24.70.

Anil Panchal FXStreet

Silver Price (XAG/USD) consolidates the previous day’s heavy losses by printing mild gains around $24.20 during early Friday morning in Asia. In doing so, the XAG/USD bounces off the 21-DMA while reversing from the lowest level in a fortnight.

Despite the latest recovery, the XAG/USD stays on the bear’s radar as it stays beneath the previous support line stretched from July 06 amid an impending bear cross on the MACD.

It’s worth noting that the 23.6% Fibonacci retracement of the Silver Price run-up during the March-May period joins the support-turned-resistance line to highlight $24.70 as the short-term key upside hurdle.

Following that, a downward-sloping resistance line from early May, near $25.20 at the latest, will be crucial to watch for the XAG/USD bulls before challenging the yearly top marked in May, close to $26.15.

On the flip side, a daily close beneath the 21-DMA support of $24.00 isn’t an open invitation to the Silver bears as the 50-DMA can challenge the downside near $23.60.

Above all, a convergence of an upward-sloping trend line from March 10 and a 50% Fibonacci retracement, close to $23.00 by the press time, appears a tough nut to crack for the XAG/USD bears.

Silver Price: Daily chart

Trend: Limited downside expected

Additional important levels

Overview
Today last price	24.18
Today Daily Change	0.05
Today Daily Change %	0.21%
Today daily open	24.13

Trends
Daily SMA20	24.01
Daily SMA50	23.64
Daily SMA100	23.88
Daily SMA200	23.03

Levels
Previous Daily High	25.15
Previous Daily Low	24.04
Previous Weekly High	25.27
Previous Weekly Low	24.59
Previous Monthly High	24.53
Previous Monthly Low	22.11
Daily Fibonacci 38.2%	24.47
Daily Fibonacci 61.8%	24.73
Daily Pivot Point S1	23.73
Daily Pivot Point S2	23.34
Daily Pivot Point S3	22.63
Daily Pivot Point R1	24.84
Daily Pivot Point R2	25.54
Daily Pivot Point R3	25.94

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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