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.

GBP/USD revisits 1.3530; Dollar pushes harder

GBP/USD adds to the weekly correction and recedes toward the 1.3530 zone on Friday. Indeed, Cable faces increasing selling pressure on the back of extra gains in the Greenback, particularly fuelled by Chair Warsh’s speech at the Jackson Hole Symposium and the US NFP Annual Revision (-79K).

EUR/USD breaches below 1.1600, multi-day lows

EUR/USD now accelerates its decline and retreats to seven-day troughs in the sub-1.1600 region at the end of the week. The pair’s pullback comes on the back of the strong rebound in the US Dollar after Chair Warsh delivered a hawkish message in Jackson Hole, while the US NFP Annual Revision came in at -79K.

Gold bounces off $4,425 on US Dollar pullback

Gold recovers slightly from a one-and-a-half-week low near $4,425 in the Asian session on Monday, though any meaningful recovery seems elusive. Fed Chair Kevin Warsh’s Jackson Hole speech was perceived as hawkish, raising expectations for a September rate hike. Adding to this, fresh US strikes on Iran act as a tailwind for the safe-haven US Dollar and should cap the bullion.

Week ahead: RBNZ and BoC decide on rates ahead of all-important US NFP

The US dollar staged a modest recovery this week, perhaps as traders decided to cover some of their short positions amid slightly stickier or in-line US PCE inflation numbers for July, confounding expectations of softer prints amid the softness revealed in the CPI data for the month.

US Dollar Weekly Forecast: Focus is back on 100.00 as Fed hawks take centre stage

It has already been a positive week for the US Dollar, but a hawkish speech from Chair Kevin Warsh at the Jackson Hole Symposium may have laid the groundwork for a more sustained rebound in the Buck.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.