Silver Price Analysis: XAG/USD limited below key resistance at $24.60 area

Silver recovery halts at the $24.60 resistance area.
The confluence of 50% Fibo retracement and the 50- and 100-hour SMAs is holding down the XAG/USD.
The overall near-term trend remains positive while above $24.10.

FXStreet Team FXStreet

XAG/USD’s upside attempt seen earlier today has been capped at $24.65 on Wednesday’s US session. Silver has pulled back as US dollar bounced up across the board and remains barely changed on the day at the time of writing.

The hourly chart shows the white metal is still trending higher, posting higher tops and lows since bottoming at $21.65 in late September. The pair, however, seems capped below $24.60, where the 50% Fibonacci retracement level of the September 15-24 sell-off meets the confluence of the 50 and 100-hour SMAs.

A clear break above here would confirm the bullish pattern and provide confidence to the bulls to climb towards $25.05 (October 13 high) before testing October’s peak, at $25.55.

On the downside, the upward trendline support from September 26 low (now around $24.15) defends the upside bias. Below here, a clear break below the 38.2% Fibonacci retracement of the September 15-24 drop might increase bearish traction, sending the pair towards $23.63 (October 8 low) and $22.90 (October 6 low).

XAG/USD hourly chart

XAG/USD technical levels

XAG/USD

Overview
Today last price	24.3
Today Daily Change	0.16
Today Daily Change %	0.66
Today daily open	24.14

Trends
Daily SMA20	24.35
Daily SMA50	26.03
Daily SMA100	22.67
Daily SMA200	19.5

Levels
Previous Daily High	25.2
Previous Daily Low	23.94
Previous Weekly High	25.18
Previous Weekly Low	22.88
Previous Monthly High	28.9
Previous Monthly Low	21.66
Daily Fibonacci 38.2%	24.42
Daily Fibonacci 61.8%	24.72
Daily Pivot Point S1	23.65
Daily Pivot Point S2	23.16
Daily Pivot Point S3	22.39
Daily Pivot Point R1	24.91
Daily Pivot Point R2	25.69
Daily Pivot Point R3	26.18

Author

FXStreet Team

FXStreet

EUR/USD stays below 1.1850 after dismal German sentiment data

EUR/USD stays in negative territory below 1.1850 in the second half of the day on Tuesday. Renewed US Dollar strength, combined with a softer risk tone keep the pair undermined alongside downbeat German ZEW sentiment readings for February.

GBP/USD falls toward 1.3550, pressured by weak UK jobs report

GBP/USD remains under bearish pressure and extends its decline below 1.3600 on Tuesday. The United Kingdom employment data suggested worsening labor market conditions, bolstering bets for a BoE interest rate cut next month and making it difficult for Pound Sterling to stay resilient against its peers.

Gold pares intraday losses; keeps the red above $4,900 amid receding safe-haven demand

Gold (XAU/USD) attracts some follow-through selling for the second straight day and dives to over a one-week low, around the $4,858 area, heading into the European session on Tuesday.

Canada CPI expected to show sticky inflation in January, still above BoC’s target

Economists see the headline CPI rising by 2.4% in a year to January, still above the BoC’s target and matching December’s increase. On a monthly basis, prices are expected to rise by 0.1%.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Stellar mixed sentiment caps recovery

Stellar price remains under pressure, trading at $0.170 on Tuesday after failing to close above the key resistance on Sunday. The derivatives metric supports the bearish sentiment, with XLM’s short bets rising among traders and funding rates turning negative.