Silver Price Analysis: XAG/USD bulls once again faced rejection near $24.00 mark

Silver faced rejection near the $24.00 mark snapped two successive days of the winning streak.
The technical setup favour bulls, though Friday’s failure warrants caution for aggressive traders.
A convincing break below the $23.00 round figure is needed to negate the near-term positive bias.

Haresh Menghani FXStreet

Silver struggled to capitalize on its gains recorded over the past two trading sessions and once again started retreating from the vicinity of the $24.00 round-figure mark on Friday. The XAG/USD remained on the defensive through the first half of the European session and was last seen trading near the daily low, around the $23.75 region.

Technical indicators on the daily chart are holding in the positive territory and still far from being in the overbought zone. This set-up seems tilted in favour of bullish traders and supports prospects for a further near-term appreciating move, though repeated failures near the aforementioned handle warrant some caution.

Hence, it will be prudent to wait for sustained strength beyond the $24.00 mark before positioning for a move towards testing the very important 200-day SMA hurdle, near the $24.25 region. This coincides with a downward sloping trend-line resistance, extending from July 2021 swing high, and should act as a pivotal point for the XAG/USD.

Some follow-through buying, leading to a subdued move beyond the YTD high, around the $24.70 region, will be seen as a fresh trigger for bulls. The XAG/USD might then accelerate the move and aim to reclaim the key $25.00 psychological mark. The momentum could get extended towards November 2021 high, around the $25.35-$24.40 region.

On the flip side, any meaningful pullback is likely to find decent support near the $23.30 region. This is followed by the weekly low, around the $23.10-$23.05 area. Failure to defend the said support levels will shift the bias in favour of bearish traders and make the XAG/USD vulnerable to extend the downward trajectory.

The next relevant support is pegged near the $22.75 region. Some follow-through selling should pave the way for a further near-term depreciating move towards the mid-$22.00 mark. The XAG/USD could eventually drop to challenge the double-bottom support, around the $21.40 region.

Silver daily chart

Technical levels to watch

XAG/USD

Overview
Today last price	23.76
Today Daily Change	-0.07
Today Daily Change %	-0.29
Today daily open	23.83

Trends
Daily SMA20	23.22
Daily SMA50	22.98
Daily SMA100	23.28
Daily SMA200	24.29

Levels
Previous Daily High	23.92
Previous Daily Low	23.42
Previous Weekly High	23.72
Previous Weekly Low	22.49
Previous Monthly High	24.7
Previous Monthly Low	21.96
Daily Fibonacci 38.2%	23.73
Daily Fibonacci 61.8%	23.61
Daily Pivot Point S1	23.53
Daily Pivot Point S2	23.23
Daily Pivot Point S3	23.04
Daily Pivot Point R1	24.03
Daily Pivot Point R2	24.22
Daily Pivot Point R3	24.52

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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