Silver Price Analysis: XAG/USD bounces off six-week-old support towards $24.00

Silver Price again aims to cross 200-SMA hurdle, defends recovery from multi-day-old support line.
Steady oscillators suggest slower grind towards one-week-long falling resistance line.
61.8% Fibonacci retracement, previous weekly low act as additional trading filters.

Anil Panchal FXStreet

Silver Price (XAG/USD) stays defensive around $23.60 amid early Monday in Asia, keeping the previous day’s rebound from the six-week-old support line below the 200-SMA hurdle. In doing so, the XAG/USD seeks fresh clues to extend the three-week downtrend.

Given the steady RSI (14) line and the recently bullish MACD signals, the Silver Price is likely to extend the latest rebound from an upward-sloping support line from late June, close to $23.20. However, a clear upside break of the 200-SMA hurdle of around $23.80 becomes necessary for the XAG/USD buyer’s conviction.

Following that, the $24.00 round figure and a one-week-long descending resistance line can check the Silver bulls before directing them to the $25.00 round figure and then to the previous monthly high of around $25.30.

On the flip side, the 61.8% Fibonacci retracement of the XAG/USD’s late June to early July upside, near $23.30, offers immediate support to the Silver Price before the previously stated key trend line support of around $23.20.

In a case where the Silver Price breaks the $23.20 support, the $23.00 threshold may act as the final defense of the buyers before giving control to the XAG/USD bears.

Silver Price: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	23.64
Today Daily Change	0.01
Today Daily Change %	0.04%
Today daily open	23.63

Trends
Daily SMA20	24.35
Daily SMA50	23.73
Daily SMA100	24.05
Daily SMA200	23.17

Levels
Previous Daily High	23.8
Previous Daily Low	23.23
Previous Weekly High	24.84
Previous Weekly Low	23.23
Previous Monthly High	25.27
Previous Monthly Low	22.52
Daily Fibonacci 38.2%	23.58
Daily Fibonacci 61.8%	23.44
Daily Pivot Point S1	23.3
Daily Pivot Point S2	22.98
Daily Pivot Point S3	22.73
Daily Pivot Point R1	23.87
Daily Pivot Point R2	24.12
Daily Pivot Point R3	24.44

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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