Silver Price Analysis: XAG/USD sticks to gains above $24.00, bulls have the upper hand Silver Commodities Technical Analysis XAGUSD Silver
The technical setup favours bullish traders and supports prospects for additional gains.regains strong positive traction on Tuesday and reverses a major part of the previous day's slide to sub-$23.00 levels. The white metal maintains its bid ton through the first half of the European session and is currently placed near the top end of its daily trading range, around the $24.20 region, up over 0.50% for the day.
From a technical perspective, the XAG/USD, for now, seems to have stalled its retracement slide from its highest level since May 11 touched on Friday. Meanwhile, oscillators on the daily chart are holding in the bullish territory and have again started gaining positive traction on hourly charts. This, in turn, supports prospects for a further appreciating move and move towards retesting the $24.50-$24.
On the flip side, the 38.2% Fibo. level, around the $24.00 mark, also representing a strong horizontal barrier breakpoint, should protect the immediate downside. This is closely followed by the overnight swing low, around the $23.90-$23.85 region, nearing the 200-hour Simple Moving Average , which should now act as a pivotal point. A convincing break below the latter will expose the 23.6% Fibo. level, around mid-$23.00s. before the XAG/USD drops to the monthly low, around the $23.25 region.
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