Silver Price Analysis: XAG/USD flirts with YTD peak, bulls await move beyond $24.00 mark

Silver reverses an intraday dip and moves back closer to the YTD peak on Tuesday.
The technical setup favours bullish traders and supports prospects for further gains.
Sustained weakness back below the $23.00 mark will negate the positive outlook.

Haresh Menghani FXStreet

Silver (XAG/USD) attracts some dip-buying near the $23.65-$23.60 region on Tuesday and flirts with the YTD peak during the first half of the European session. The white metal currently trades just below the $24.00 mark and looks to build on the previous day's breakout momentum through the $23.30-$23.35 confluence hurdle.

The latter comprises the 100- and the 200-day Simple Moving Averages (SMA), which should now act as a key pivotal point for the XAG/USD. Any meaningful corrective slide is more likely to get bought into near the said resistance-turned-support and remain limited near the $23.00 round figure. That said, some follow-through selling will suggest that a one-week-old strong rally has run out of steam and pave the way for deeper losses.

The XAG/USD might then accelerate the slide towards the $22.50-$22.45 intermediate support before eventually dropping to sub-$22.00 levels or the two-month trough touched in January and retested in February. The downward trajectory could extend further and drag the white metal further towards the next relevant support near the $21.40-$21.35 region. That said, positive oscillators on the daily chart warrant caution for bearish traders.

On the flip side, momentum beyond the $24.00 mark is likely to confront some resistance near the $24.30-$24.35 region ahead of the $24.50 supply zone. A sustained strength beyond should allow the XAG/USD to reclaim the $25.00 psychological mark and climb further towards the $25.45-$25.50 intermediate hurdle en route to the $26.00 neighbourhood, or the December 2023 swing high.

Silver daily chart

XAG/USD

Overview
Today last price	23.94
Today Daily Change	0.03
Today Daily Change %	0.13
Today daily open	23.91

Trends
Daily SMA20	22.75
Daily SMA50	22.94
Daily SMA100	23.24
Daily SMA200	23.28

Levels
Previous Daily High	23.94
Previous Daily Low	23.02
Previous Weekly High	23.27
Previous Weekly Low	22.28
Previous Monthly High	23.5
Previous Monthly Low	21.93
Daily Fibonacci 38.2%	23.59
Daily Fibonacci 61.8%	23.38
Daily Pivot Point S1	23.31
Daily Pivot Point S2	22.7
Daily Pivot Point S3	22.38
Daily Pivot Point R1	24.23
Daily Pivot Point R2	24.55
Daily Pivot Point R3	25.15

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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