Silver Price News: XAG/USD buyers flirt with $24.80 resistance on bullish options market signals

Anil Panchal FXStreet

Silver Price (XAG/USD) struggles to extend the two-day uptrend near $24.70-75 during early Tuesday in Asia. In doing so, the bright metal jostles with bullish options market signals and the firmer US Dollar, as well as the technical barrier, amid sluggish trading hours.

That said, the one-month risk reversal (RR) of the Silver price, a gauge of the spread between the call and put options, rose in the last two consecutive days and marked the four-week uptrend to keep the XAG/USD buyers hopeful as the metal rose on Friday and Monday.

With this, the daily RR rose 0.035 by the end of Monday’s North American trading session after posting the three-week upward trajectory with the last week’s RR print of 0.130.

Technical analysis

While the options market favors XAG/USD bulls, technical details challenge the Silver buyers.

That said, a fortnight-old descending resistance line challenge the Silver bulls near $24.80, a break of which could test a downward-sloping trend line from July 20, close to $25.05 by the press time.

Following that, the previous monthly high of around $25.30 will act as the final defense of the XAG/USD bears.

On the flip side, the 21-DMA restricts the immediate downside of the Silver price near $24.20.

However, the XAG/USD bears’ major attention will be on the five-week-old support line, close to $23.40 by the press time, to retake control.

It’s worth observing that the upbeat RSI (14) line, not overbought, keeps the XAG/USD buyers as they approach the key upside hurdles.

Silver Price: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	24.74
Today Daily Change	-0.02
Today Daily Change %	-0.08%
Today daily open	24.76

Trends
Daily SMA20	24.19
Daily SMA50	23.67
Daily SMA100	23.97
Daily SMA200	23.08

Levels
Previous Daily High	24.84
Previous Daily Low	24.2
Previous Weekly High	25.15
Previous Weekly Low	24.04
Previous Monthly High	25.27
Previous Monthly Low	22.52
Daily Fibonacci 38.2%	24.59
Daily Fibonacci 61.8%	24.44
Daily Pivot Point S1	24.35
Daily Pivot Point S2	23.96
Daily Pivot Point S3	23.71
Daily Pivot Point R1	25
Daily Pivot Point R2	25.24
Daily Pivot Point R3	25.64

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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