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Silver Price Analysis: XAG/USD sits near multi-week top, flirts with $24.35-40 barrier

Silver regains positive traction on Tuesday, albeit lacks follow-through.
Positive oscillators on the daily chart support prospects for further gains.
A break below $23.80 support might prompt aggressive technical selling.

Haresh Menghani FXStreet

Silver retests a three-week high on Tuesday, albeit struggles to capitalize on the move and remains below the $24.35-$24.40 area through the early European session.

The said hurdle might now act as a pivotal point, which if cleared decisively will set the stage for an extension of the recent rally from the $22.20 area, or the lowest level since June 23 touched earlier this month. Given that technical indicators on the daily chart have just started gaining positive traction, the XAG/USD might then aim to surpass the $24.55-$24.60 intermediate barrier and reclaim the $25.00 psychological mark. The positive move could get extended further towards the $25.25 zone, or the July monthly swing high, en route to the $26.00 round figure.

On the flip side, the $24.00 mark is likely to protect the immediate downside ahead of the 200-period Simple Moving Average (SMA) on the 4-hour chart, currently pegged around the $23.85 region. A sustained break below might prompt some technical selling and drag the XAG/USD towards the $23.55 region. This is closely followed by support near the $23.40 area, representing the 200-day SMA, which if broken decisively might shift the near-term bias in favour of bearish traders and pave the way for a further downside towards testing sub-$23.00 levels.

Silver 4-hour chart

Any subsequent decline will expose the $22.20-$22.10 support zone. The latter represents the neckline of a bearish head and shoulders pattern formation on the daily chart. Hence, a convincing break below will set the stage for a meaningful decline.

XAG/USD daily chart

Technical levels to watch

XAG/USD

Overview
Today last price	24.28
Today Daily Change	0.05
Today Daily Change %	0.21
Today daily open	24.23

Trends
Daily SMA20	23.29
Daily SMA50	23.53
Daily SMA100	23.97
Daily SMA200	23.37

Levels
Previous Daily High	24.36
Previous Daily Low	24.05
Previous Weekly High	24.38
Previous Weekly Low	22.67
Previous Monthly High	25.27
Previous Monthly Low	22.52
Daily Fibonacci 38.2%	24.17
Daily Fibonacci 61.8%	24.24
Daily Pivot Point S1	24.07
Daily Pivot Point S2	23.9
Daily Pivot Point S3	23.76
Daily Pivot Point R1	24.38
Daily Pivot Point R2	24.52
Daily Pivot Point R3	24.68

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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