Silver Price Analysis: XAG/USD remains on the defensive above $24.00, bullish potential intact

The setup still favours bulls and supports prospects for additional gains.edges lower during the first half of trading on Tuesday, though lacks follow-through and remains well within the previous day's broader trading range. The white metal manages to hold its neck above the $24.00 mark and seems poised to appreciate further.

The recent price action witnessed over the past month or so constitutes the formation of an ascending channel. The lower end of the said trend channel, currently around the $23.40-$23.35 area, coincides with the 200-period SMA on the 4-hourOscillators on 4-hour/daily charts - though have been losing traction - are holding in the positive territory and favour bullish traders. That said, it will be prudent to wait for some follow-through buying beyond the multi-month peak, around the $24.

The subsequent move up has the potential to lift the XAG/USD towards the $25.00 psychological mark for the first time since April 2022. Some follow-through buying should pave the way for an extension of the appreciating move towards the next relevant hurdle near the $25.35-$25.40 resistance zone. On the flip side, any meaningful slide below the $24.00 mark is more likely to attract fresh buyers and remain limited near the aforementioned confluence support, around the $23.40-$23.35 area. A convincing break below will negate the positiveThe XAG/USD might then turn vulnerable to weaken below the $23.00 round-figure mark and accelerate the fall towards the $22.60-$22.55 region. The downward trajectory could get extended further towards the next relevant support near the $22.10-$22.00 zone.

Source: Digital Coin News (digitalcoinnews.net)

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Silver Price Analysis: XAG/USD bulls retain control near multi-month peak, around $24.50Silver prolongs the positive trend for the third straight day on Monday and steadily climbs back closer to its highest level since April 22 touched ea
Source: FXStreetNews - 🏆 14. / 72 Read more »

Silver Price Forecast: XAG/USD holds to gain but stalls around $24.50, tumbles to $24.20sSilver Price is registering minimal gains on Monday amidst a dull North American session. The absence of US traders sparked by the Martin Luther King
Source: FXStreetNews - 🏆 14. / 72 Read more »

WTI Price Analysis: Fails to sustain above $80.00West Texas Intermediate (WTI), futures on NYMEX, have failed to sustain above the crucial resistance of $80.00 in the Asian session. The oil price has
Source: FXStreetNews - 🏆 14. / 72 Read more »

EUR/JPY Price Analysis: Downside pressure alleviated above the 200-day SMAEUR/JPY gathers some much needed steam and reclaims the 139.00 hurdle and beyond at the beginning of the week. The recent pronounced correction in the
Source: FXStreetNews - 🏆 14. / 72 Read more »

EUR/JPY Price Analysis: On a correction above 139.00 as bears take a respiteThe EUR/JPY bounces off the last week’s low of 138.01 and climbs above the 139.00 figure, despite a sour sentiment. Hence, the Euro (EUR) gained some
Source: FXStreetNews - 🏆 14. / 72 Read more »

DOGE and SHIB Price Analysis for January 15Can DOGE and SHIB remain bullish despite the correction? Dogecoin dogecoin jasdoge DogecoinMemes RacerDoge crypto cryptocurrency doge dogecoin DogecoinMemes RacerDoge Sunday pump. In a market where holding is the most popular thing to do, Miners are the ones who reap the rewards. What’s your crypto portfolio like and what would you like it to be like, what are you currently earning from or hodling, let’s discuss I’ll give you free advice on what to do
Source: Utoday_en - 🏆 295. / 63 Read more »