Silver Price Analysis: XAG/USD keeps the red below $24.00, downside seems cushioned

Silver comes under heavy selling pressure on Monday, though lacks follow-through.
The technical setup still supports prospects for the emergence of some dip-buying.
A convincing break below the $23.00 mark is needed to negate the positive outlook.

Haresh Menghani FXStreet

Silver kicks off the new week on a downbeat note and snaps a four-day winning streak to a nearly two-month high, around the $24.15 region touched on Friday. The white metal maintains its offered tone through the early part of the European session and trades around the $23.75 zone, down over 1.30% for the day.

From a technical perspective, the recent strong move up from the YTD low - levels just below the $20.00 psychological mark, stalls ahead of the $24.20-$24.25 static resistance, which should now act as a pivotal point. Some follow-through buying, leading to a subsequent strength beyond the multi-month peak, around the $24.60-$24.65 area touched in February, will b seen as a fresh trigger for bullish traders.

Given that oscillators on the daily chart have pulled back from overbought territory, the XAG/USD might then aim to reclaim the $25.00 psychological mark for the first time since April 2022. The upward trajectory could get extended further towards the next relevant hurdle near the $25.75-$25.80 region en route to the $26.00 round-figure mark and the April 2022 swing high, around the $26.20-$26.25 area.

On the flip side, the daily low, just ahead of the mid-$23.00s, now seems to protect the immediate downside. Any subsequent slide is more likely to attract fresh buyers near the $23.00 mark and remain limited near the $22.80-$22.75 region. That said, a convincing break below might prompt some technical selling and drag the XAG/USD towards the $22.25 intermediate support en route to the $22.00 round-figure mark.

Silver daily chart

Key levels to watch

XAG/USD

Overview
Today last price	23.76
Today Daily Change	-0.32
Today Daily Change %	-1.33
Today daily open	24.08

Trends
Daily SMA20	22.17
Daily SMA50	22.21
Daily SMA100	22.59
Daily SMA200	21.03

Levels
Previous Daily High	24.16
Previous Daily Low	23.7
Previous Weekly High	24.16
Previous Weekly Low	22.83
Previous Monthly High	24.16
Previous Monthly Low	19.9
Daily Fibonacci 38.2%	23.98
Daily Fibonacci 61.8%	23.87
Daily Pivot Point S1	23.8
Daily Pivot Point S2	23.51
Daily Pivot Point S3	23.33
Daily Pivot Point R1	24.27
Daily Pivot Point R2	24.45
Daily Pivot Point R3	24.73

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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