- Silver gains positive traction for the third straight day and climbs to over a one-week high.
- Mixed oscillators on the daily chart warrant some caution for aggressive bullish traders.
- Weakness below the $25.00 mark is more likely to get bought into and remain limited.
Silver (XAG/USD) builds on last week's bounce from the $24.35 resistance-turned-support zone and gains positive traction for the third successive day on Monday. The white metal sticks to its intraday gains through the first half of the European session and currently trades around the $25.15 region, just below a more than one-week top touched earlier today.
Meanwhile, mixed technical indicators on the daily chart warrant some caution for bullish traders. Hence, any subsequent move up is more likely to confront stiff resistance near the $25.65-$25.75 region, or the YTD peak touched in March. This is closely followed by the December 2023 swing high – levels just ahead of the $26.00 round figure. A sustained strength beyond the said handle should allow the XAG/USD to resume its recent strong uptrend witnessed since late February.
On the flip side, weakness back below the $25.00 psychological mark is likely to attract fresh buyers near the $24.65 region. This should help limit the downside for the XAG/USD near the aforementioned resistance-turned-support, around the $24.35 zone. The latter should act as a key pivotal point, which if broken decisively might shift the bias in favour of bearish traders and drag the white metal to the next relevant support near the $24.15-$24.10 region en route to the $24.00 mark.
Some follow-through selling would make the XAG/SUD vulnerable to accelerate the downward trajectory further towards the 200-day Simple Moving Average (SMA), currently pegged around the $23.35-$23.30 region.
Silver daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD trades sideways below 1.0900 amid cautious optimism
EUR/USD trades sideways below 1.0900 in the early European session on Tuesday. The US Dollar looks to stabilize amid cautious optimism, as uncertainty over the US presidential election outcome lingers. US ISM Services PMI is also in focus, as Americans head to the polls.
GBP/USD keeps range above 1.2950 as traders await US election result
GBP/USD keeps its range above 1.2950 in European trading on Tuesday, drawing support from a subdued US Dollar. Traders eagerly await the outcome of the US presidential election, refraining from placing fresh bets on the major.
Gold price recovers early lost ground to over one-week low amid US election concerns
Gold price slides to a one-week low amid some repositioning trades ahead of the US election. Fed rate cut bets, falling US bond yields and subdued USD demand help limit the downside. Middle East tensions also offer support to the XAU/USD and contribute to the modest bounce.
Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections
MAGA trades slightly down to around $3.4 on Tuesday after rallying more than 20% since Sunday. The former President Donald Trump-based memecoin is poised for further gains as daily active addresses and network growth metrics rise, signaling increased network usage and adoption.
US presidential election outcome: What could it mean for the US Dollar? Premium
The US Dollar has regained lost momentum against its six major rivals at the beginning of the final quarter of 2024, as tensions mount ahead of the highly anticipated United States Presidential election due on November 5.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.