Silver Price Analysis: XAG/USD losses momentum near $24.00, points to further losses

XAG/USD retreats after hitting a one-week high at $23.94.
Metals correct lower amid a stronger US dollar and a decline in equity prices.

Matías Salord FXStreet

Silver is falling 0.75% on Tuesday amid a rally of the US dollar. The greenback continues to recover after Friday’s sell-off. XAG/USD Peaked on Asian hours at $23.94 before turning to the downside.

Near the $24.00 area, the metal lost momentum and started to pullback. It accelerated after weaker-than-expected US economic data. It bottomed at $23.55 and then trimmed losses, rising to $23.66.

Very short-term technical indicators are biased to the downside. The RSI and momentum in the four-hour chart are moving south. XAG/USD is testing an uptrend line and the 20-SMA. A break under $23.55 would expose the next support at $23.40 (Aug 16 low).

If XAG/USD holds above $23.65 it could recover strength. To clear the way for a bullish extension it needs to break above the strong barrier of $24.00.

Silver 4-hour chart

XAG/USD

Overview
Today last price	23.73
Today Daily Change	-0.11
Today Daily Change %	-0.46
Today daily open	23.84

Trends
Daily SMA20	24.68
Daily SMA50	25.71
Daily SMA100	26.15
Daily SMA200	25.89

Levels
Previous Daily High	23.9
Previous Daily Low	23.43
Previous Weekly High	24.37
Previous Weekly Low	22.17
Previous Monthly High	26.78
Previous Monthly Low	24.5
Daily Fibonacci 38.2%	23.72
Daily Fibonacci 61.8%	23.61
Daily Pivot Point S1	23.55
Daily Pivot Point S2	23.25
Daily Pivot Point S3	23.08
Daily Pivot Point R1	24.02
Daily Pivot Point R2	24.19
Daily Pivot Point R3	24.49

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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