• Silver struggles to capitalize on its modest intraday gains beyond the $24.00 mark.
  • The technical set-up favours bullish traders and supports prospects for further gains.
  • A convincing break below the $23.00 mark is needed to negate the positive outlook.

Silver builds on Friday's goodish rebound from the vicinity of the $23.00 mark and gains some follow-through traction on the first day of a new week. The white metal, however, struggles to find acceptance above the $24.00 round figure and retreats from a three-day high touched during the first half of the European session.

The XAG/USD, meanwhile, manages to defend the 100-period SMA on the 4-hour chart, around the $23.70 area, and the technical set-up still seems tilted in favour of bullish traders. The outlook is reinforced by positive oscillators on daily/hourly charts. That said, it will still be prudent to wait for a sustained strength beyond the $24.00 mark before positioning for any further appreciating move.

The XAG/USD might then aim to surpass an intermediate hurdle near the $24.25 region, which is followed by the multi-month high, around the $24.50-$24.55 region touched last week. Some follow-through buying beyond the latter will be seen as a fresh trigger for bullish traders and lift spot prices further towards reclaiming the $25.00 psychological mark for the first time since April 2022.

On the flip side, the $23.20-$23.10 area now seems to have emerged as immediate support ahead of the $23.00 round figure. A convincing break below could drag the XAG/USD towards the $22.60-$22.55 region en route to the next relevant support near the $22.10-$22.00 horizontal zone. Failure to defend the latter will mark a breakdown and set the stage for a further near-term depreciating move.

Silver 4-hour chart

fxsoriginal

Key levels to watch

XAG/USD

Overview
Today last price 23.83
Today Daily Change -0.01
Today Daily Change % -0.04
Today daily open 23.84
 
Trends
Daily SMA20 23.68
Daily SMA50 22.31
Daily SMA100 20.71
Daily SMA200 21.1
 
Levels
Previous Daily High 23.91
Previous Daily Low 23.2
Previous Weekly High 24.55
Previous Weekly Low 23.12
Previous Monthly High 24.3
Previous Monthly Low 22.03
Daily Fibonacci 38.2% 23.64
Daily Fibonacci 61.8% 23.47
Daily Pivot Point S1 23.39
Daily Pivot Point S2 22.94
Daily Pivot Point S3 22.68
Daily Pivot Point R1 24.1
Daily Pivot Point R2 24.36
Daily Pivot Point R3 24.81

 

 

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