Silver Price Analysis: XAG/USD sticks to modest gains, seems vulnerable below $24.30-25

Silver regains positive traction on Friday and moves away from a two-week low.
The bearish technical setup warrants caution before positioning for further gains.
A sustained move beyond the $25.00 mark is needed to negate the negative bias.

Haresh Menghani FXStreet

Silver attracts some buying on the last day of the week and reverses a part of Thursday's steep intraday slide to the $24.00 mark or over a two-week low. The white metal sticks to its modest intraday gains through the early European session and currently trades around the $24.20-$24.15 region, up nearly 0.30% for the day.

From a technical perspective, the overnight failure ahead of the $25.00 psychological mark and the subsequent slump below the $24.30-$24.25 horizontal zone might have already shifted the near-term bias in favour of bearish traders. Furthermore, oscillators on hourly charts are holding deep in the negative territory and suggest that any subsequent intraday positive move runs the risk of fizzling out rather quickly.

That said, technical indicators on the daily chart - though have been losing traction - are yet to confirm the negative outlook. This makes it prudent to wait for some follow-through selling and acceptance below the $24.00 mark before placing fresh bearish bets. The XAG/USD could then slide to the $23.20-$23.15 region en route to the very important 200-day Simple Moving Average (SMA), around the $22.00 mark.

The downward trajectory could get extended further and make the XAG/USD vulnerable to challenge the multi-month low, around the $22.15-$22.10 area touched in June.

On the flip side, momentum beyond the $24.25-$24.30 region is likely to attract fresh sellers near the $24.60-$24.65 area. This, in turn, should cap the XAG/USD near the $25.00 mark. This is followed by the monthly peak, around the $25.25 zone, which if cleared decisively will negate the negative outlook. Silver might then aim to surpass the $25.50-$25.55 intermediate hurdle and accelerate the move to reclaim the $26.00 mark.

Silver daily chart

Key levels to watch

XAG/USD

Overview
Today last price	24.2
Today Daily Change	0.07
Today Daily Change %	0.29
Today daily open	24.13

Trends
Daily SMA20	24.01
Daily SMA50	23.64
Daily SMA100	23.88
Daily SMA200	23.03

Levels
Previous Daily High	25.15
Previous Daily Low	24.04
Previous Weekly High	25.27
Previous Weekly Low	24.59
Previous Monthly High	24.53
Previous Monthly Low	22.11
Daily Fibonacci 38.2%	24.47
Daily Fibonacci 61.8%	24.73
Daily Pivot Point S1	23.73
Daily Pivot Point S2	23.34
Daily Pivot Point S3	22.63
Daily Pivot Point R1	24.84
Daily Pivot Point R2	25.54
Daily Pivot Point R3	25.94

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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