XAG/USD slides to mid-$24.00s, 100-day SMA holds the key for bulls

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<li><strong>Silver meets with a fresh supply on Tuesday and stalls a two-day-old recovery from the 100-DMA.</strong></li>
<li><strong>The setup seems tilted in favour of bulls and supports prospects for the emergence of dip-buying.</strong></li>
<li><strong>A convincing break below $24.00 will negate the positive bias and pave the way for deeper losses.</strong></li>
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<p>Silver comes under some renewed selling pressure on Tuesday and extends its steady intraday descent through the early part of the European session. The white metal currently trades around the $23.55 area, down nearly 1% for the day, and for now, seems to have stalled a two-day-old recovery trend from the $24.00 mark, or a two-week low touched last Thursday.</p>
<p>The aforementioned handle coincides with a technically significant 100-day Simple Moving Average (SMA) and should continue to protect the immediate downside. A convincing break below will be seen as a fresh trigger for bearish traders and set the stage for deeper losses. The XAG/USD might then turn vulnerable and accelerate the downfall towards testing the next relevant support near the $23.20-$23.15 area.</p>
<p>This is closely followed by the very important 200-day SMA support near the $23.00 mark. Some follow-through selling will make the XAG/USD vulnerable to accelerate the fall towards challenging the multi-month low, around the $22.15-$22.10 area touched in June.</p>
<p>That said, technical <a href="https://www.fxstreet.com/rates-charts/indicators">indicators</a> on the daily chart – though have been losing traction – as still holding in the positive territory. This, in turn, favours bullish traders and supports prospects for the emergence of some dip-buying at lower levels. However, it will still be prudent to wait for a sustained strength beyond the daily top, around the $24.75 region, before positioning for a move towards the $25.00 psychological mark.</p>
<p>The next relevant hurdle is pegged near the monthly peak, around the $25.25 zone, which if cleared will negate any negative <a href="https://www.fxstreet.com/rates-charts/forecast">outlook</a>. Silver might then aim to surpass the $25.50-$25.55 intermediate hurdle and reclaim the $26.00 mark before climbing further to the YTD peak, around the $26.10-$26.15 area touched in May.</p>
<h2>Silver daily chart</h2>
<p><a href="https://editorial.fxstreet.com/miscelaneous/image-638264719098193231.png" target="_blank" rel="noopener"><img decoding="async" alt="fxsoriginal" src="https://editorial.fxstreet.com/miscelaneous/image-638264719098193231.png" style="width: 650px; height: 314px;" /></a></p>
<h3>Key levels to watch</h3>
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<br /><a href="https://www.fxstreet.com/news/silver-price-analysis-xag-usd-slides-to-mid-2400s-100-day-sma-holds-the-key-for-bulls-202308010733">Source link </a></p><p>The post <a href="https://forextraderhub.com/xag-usd-slides-to-mid-24-00s-100-day-sma-holds-the-key-for-bulls.html">XAG/USD slides to mid-$24.00s, 100-day SMA holds the key for bulls</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>