XAG/USD retreats from multi-week top, holds above $24.00 mark

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<li><strong>Silver edges lower on Monday and corrects further from over a three-month high.</strong></li>
<li><strong>The 200-period SMA on the 4-hour chart to act as a pivotal point and limit losses.</strong></li>
<li><strong>Bulls might wait for a move beyond the $24.35-40 area before placing fresh bets.</strong></li>
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<p>Silver attracts some intraday selling on the first day of a new week and moves away from over a three-week high, around the $24.35-$24.40 region touched on Friday. The white metal sticks to a mildly negative tone through the early part of the European session, albeit manages to hold its neck above the $24.00 round-figure mark.</p>
<p>Any subsequent slide below the aforementioned handle is more likely to find some support near the $23.85-$23.80 area, or the 200-period Simple Moving Average (SMA) on the 4-hour chart. Against the backdrop of positive technical <a href="https://www.fxstreet.com/rates-charts/indicators">indicators</a> on 4-hour/daily charts, the said area could act as a pivotal point for intraday traders and help limit any further decline.</p>
<h3>Silver 4-hour chart</h3>
<p><a href="https://editorial.fxstreet.com/miscelaneous/image-638288048384247384.png" target="_blank" rel="noopener"><img decoding="async" alt="fxsoriginal" src="https://editorial.fxstreet.com/miscelaneous/image-638288048384247384.png" style="width: 650px; height: 314px;" /></a></p>
<p>A sustained break below, however, might prompt some technical selling and drag the XAG/USD towards the $23.55 region. This is closely followed by support near the $23.40 area, representing the 200-day SMA, which if broken decisively might shift the near-term bias in favour of bearish traders and pave the way for some meaningful downside.</p>
<p>On the flip side, the $24.35-$24.40 area might continue to act as an immediate strong resistance, which if cleared should allow the XAG/USD to surpass the $24.55-$24.60 intermediate hurdle and aim to reclaim the $25.00 psychological mark. The positive move could get extended further towards the $25.25 zone, or the July monthly swing high, en route to the $26.00 mark.</p>
<p>Zooming out to the daily chart, the recent price action witnessed since early June seems to constitute the formation of a bearish head and shoulders pattern on the daily <a href="https://www.fxstreet.com/rates-charts/chart">chart</a>. The pattern, however, will be confirmed on a sustained break below the neckline support, around the $22.20-$22.10 region.</p>
<h3>XAG/USD daily chart</h3>
<p><a href="https://editorial.fxstreet.com/miscelaneous/image-638288048548978602.png" target="_blank" rel="noopener"><img decoding="async" alt="fxsoriginal" src="https://editorial.fxstreet.com/miscelaneous/image-638288048548978602.png" style="width: 650px; height: 314px;" /></a></p>
<p>Key levels to watch</p>
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<br /><a href="https://www.fxstreet.com/news/silver-price-analysis-xag-usd-retreats-from-multi-week-top-holds-above-2400-mark-202308280734">Source link </a></p><p>The post <a href="https://forextraderhub.com/xag-usd-retreats-from-multi-week-top-holds-above-24-00-mark.html">XAG/USD retreats from multi-week top, holds above $24.00 mark</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>