Silver Price Analysis: XAG/USD grinds higher past $24.00 but oscillators tease bears

Silver Price stays depressed after reversing from three-week high.
Overbought RSI, impending bear cross on MACD lures XAG/USD sellers.
200-SMA, fears of Fed policy pivot put a floor under the Silver Price.
XAG/USD rebound remains elusive below five-week-old descending resistance line.

Anil Panchal FXStreet

Silver Price (XAG/USD) remains pressured around $24.15 amid the early hours of Friday’s Asian session after reversing from a three-week high the previous day. In doing so, the bright metal portrays the market’s cautious mood ahead of today’s top-tier central bankers’ speeches at the Jackson Hole Symposium, including Federal Reserve (Fed) Chairman Jerome Powell.

That said, the XAG/USD justified the overbought RSI (14) line and a looming bear cross on the MACD while reversing from a multi-day high on Thursday. However, the 38.2% Fibonacci retracement level of the commodity’s late June-July upside, near the $24.00 round figure, prods the sellers amid anxious markets.

Even if the quote breaks the immediate Fibonacci ratio, the 200-SMA level of around $23.80 can act as the final defense of the buyers.

Following that, a quick slump toward the 61.8% Fibonacci retracement surrounding $23.30, also known as the “Golden Ratio”, can’t be ruled out.

Meanwhile, the latest peak of around $24.35 can lure Silver buyers during the fresh recovery.

Even so, the 23.6% Fibonacci retracement and a downward-sloping resistance line from late July, respectively near $24.55 and $24.65, will challenge the XAG/USD bulls before giving them control.

Silver Price: Four-hour chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	24.15
Today Daily Change	-0.17
Today Daily Change %	-0.70%
Today daily open	24.32

Trends
Daily SMA20	23.32
Daily SMA50	23.52
Daily SMA100	23.99
Daily SMA200	23.32

Levels
Previous Daily High	24.36
Previous Daily Low	23.41
Previous Weekly High	23.01
Previous Weekly Low	22.23
Previous Monthly High	25.27
Previous Monthly Low	22.52
Daily Fibonacci 38.2%	24
Daily Fibonacci 61.8%	23.77
Daily Pivot Point S1	23.7
Daily Pivot Point S2	23.08
Daily Pivot Point S3	22.75
Daily Pivot Point R1	24.65
Daily Pivot Point R2	24.98
Daily Pivot Point R3	25.6

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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