Silver Price Analysis: XAG/USD recovers some lost ground above $24.50 mark

Silver price gains traction and holds above $24.55 on Tuesday.
XAG/USD holds below the 50- and 100-hour EMAs with a downward slope.
Immediate resistance is seen at the $24.60-$24.65 zone; $24.30 acts as an initial support level.

Lallalit Srijandorn FXStreet

Silver Price (XAG/USD) recovers some lost ground and snaps three days of consecutive losses heading into the European session on Tuesday. XAG/USD currently trades around $24.55, up 0.88% for the day. Market players await the Federal Open Market Committee (FOMC) meeting and Fed Chairman Jerome Powell's press conference for further guidance for the entire year.

According to the one-hour chart, XAG/USD holds below the 50- and 100-hour Exponential Moving Averages (EMAs) with a downward slope, which means further downside for silver looks favorable.

Silver will meet the immediate resistance level of $24.60-$24.65 region, representing the 100-hour EMA and a low of July 21. The additional upside filter is located at $24.85 (Low of July 18) en route to $25.15 (High of July 18).

On the flip side, any meaningful follow-through selling could drag XAG/USD lower to $24.30 (Low of July 25), followed by $24.10 (Low of July 13). Further south, the next stop of the silver price is $23.60 (Low of June 13).

It’s worth noting that the Relative Strength Index (RSI) stands above 50. Additionally, the bullish MACD signals suggest that upside momentum has been activated.

Silver (XAG/USD) one-hour chart

XAG/USD

Overview
Today last price	24.57
Today Daily Change	0.22
Today Daily Change %	0.90
Today daily open	24.35

Trends
Daily SMA20	23.73
Daily SMA50	23.59
Daily SMA100	23.76
Daily SMA200	22.94

Levels
Previous Daily High	24.73
Previous Daily Low	24.26
Previous Weekly High	25.27
Previous Weekly Low	24.59
Previous Monthly High	24.53
Previous Monthly Low	22.11
Daily Fibonacci 38.2%	24.44
Daily Fibonacci 61.8%	24.55
Daily Pivot Point S1	24.17
Daily Pivot Point S2	23.98
Daily Pivot Point S3	23.7
Daily Pivot Point R1	24.63
Daily Pivot Point R2	24.91
Daily Pivot Point R3	25.09

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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