Silver Price Analysis: XAG/USD bulls have the upper hand, remains on track to conquer $25.00

Silver is seen oscillating in a narrow range below a three-month top touched on Monday.
The technical setup favours bulls and supports prospects for additional near-term gains.
Any meaningful dip could be seen as a buying opportunity and is likely to remain limited.

Haresh Menghani FXStreet

Silver (XAG/USD) enters a bullish consolidation phase and oscillates in a narrow trading band just above mid-$24.00s through the first half of the European session on Tuesday. The white metal, however, remains well within the striking distance of a near three-month high touched on Monday and seems poised to prolong its recent strong appreciating move witnessed over the past two weeks or so.

From a technical perspective, the recent breakout through the 200-day Simple Moving Average (SMA) and a subsequent strength beyond the $24.00 round figure was seen as a fresh trigger for bullish traders. Furthermore, oscillators on the daily chart are holding comfortably in the positive territory and are still far from being in the overbought zone, validating the near-term positive outlook for the XAG/USD.

Hence, any meaningful downside might still be seen as a buying opportunity near the aforementioned resistance breakpoint now turned support near the $24.00 mark. This should help limit the downside for the XAG/USD near the 200-day SMA, currently pegged near the $23.35-$23.30 region. That said, a convincing break below might prompt some technical selling and pave the way for some meaningful downside.

The XAG/USD, meanwhile, still seems poised to make a fresh attempt to conquer the $25.00 psychological mark. The next relevant hurdle is pegged near the $25.25 region, or the YTD peak touched in May, which if cleared decisively will reaffirm the bullish bias. The white metal might then accelerate the positive momentum towards reclaiming the $26.00 round figure for the first time since April 2022.

Silver daily chart

Technical levels to watch

XAG/USD

Overview
Today last price	24.6
Today Daily Change	-0.05
Today Daily Change %	-0.20
Today daily open	24.65

Trends
Daily SMA20	23.23
Daily SMA50	22.8
Daily SMA100	23.27
Daily SMA200	23.34

Levels
Previous Daily High	24.88
Previous Daily Low	24.26
Previous Weekly High	24.33
Previous Weekly Low	23.25
Previous Monthly High	23.7
Previous Monthly Low	20.68
Daily Fibonacci 38.2%	24.65
Daily Fibonacci 61.8%	24.5
Daily Pivot Point S1	24.32
Daily Pivot Point S2	23.98
Daily Pivot Point S3	23.7
Daily Pivot Point R1	24.93
Daily Pivot Point R2	25.21
Daily Pivot Point R3	25.55

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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