Silver Price Analysis: XAG/USD remains bullish, though faces strong resistance at around $24.90

Silver prices climb to a new three-month high at around the $ 24.80 area.
US Treasury bond yields pullback, driving the grey-metal price higher.
XAG/USD is bullish above $24.50, otherwise, expect a pullback below $24.00.

Christian Borjon Valencia FXStreet

Silver price encounters solid resistance at around $24.90, though it remains trading in the green, posting solid gains of more than 1.30% on Monday due to a retracement of US Treasury bond yields, weakening the buck. That, alongside a scarce economic calendar, keeps investors focused on the release of the Personal Consumption Expenditures (PCE) Price Index later in the week. The XAG/USD is trading at $23.65 after hitting a low of $24.27.

The XAG/USD daily chart portrays the grey metal reached a new three-month high at $24.87, but buyers failure to test the $25.00 figure sponsored the current pullback toward $24.65, above the Bollinger-band’s top standard deviation. Further upside is seen above the August 30 high at $25.00, immediately followed by the next supply zone at $25.26, the July 20 high, followed by the May 10 swing high at $25.91.

On the bearish scenario, if Silver’s price drops below the psychological $24.50 area, a test of the 200-day moving average (DMA) at $23.34 is on the cards. The next key demand areas would be the 20-DMA at $23.22, followed by the 50-DMA at $22.79.

XAG/USD Price Analysis – Daily Chart

XAG/USD Technical Levels

XAG/USD

Overview
Today last price	24.65
Today Daily Change	0.33
Today Daily Change %	1.36
Today daily open	24.32

Trends
Daily SMA20	23.17
Daily SMA50	22.78
Daily SMA100	23.26
Daily SMA200	23.33

Levels
Previous Daily High	24.33
Previous Daily Low	23.57
Previous Weekly High	24.33
Previous Weekly Low	23.25
Previous Monthly High	23.7
Previous Monthly Low	20.68
Daily Fibonacci 38.2%	24.04
Daily Fibonacci 61.8%	23.86
Daily Pivot Point S1	23.81
Daily Pivot Point S2	23.31
Daily Pivot Point S3	23.04
Daily Pivot Point R1	24.58
Daily Pivot Point R2	24.84
Daily Pivot Point R3	25.35

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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