XAG/USD recovers some lost ground above $24.50 mark

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<li><strong>Silver price gains traction and holds above $24.55 on Tuesday.</strong></li>
<li><strong>XAG/USD holds below the 50- and 100-hour EMAs with a downward slope.</strong></li>
<li><strong>Immediate resistance is seen at the $24.60-$24.65 zone; $24.30 acts as an initial support level.</strong></li>
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<p><a href="https://www.fxstreet.com/rates-charts/xagusd">Silver</a> Price (XAG/USD) recovers some lost ground and snaps three days of consecutive losses heading into the European session on Tuesday. XAG/USD currently trades around $24.55, up 0.88% for the day. Market players await the Federal Open Market Committee (FOMC) meeting and Fed Chairman Jerome Powell’s press conference for further guidance for the entire year.</p>
<p>According to the one-hour chart, XAG/USD holds below the 50- and 100-hour Exponential Moving Averages (EMAs) with a downward slope, which means further downside for silver looks favorable.</p>
<p>Silver will meet the immediate resistance level of $24.60-$24.65 region, representing the 100-hour EMA and a low of July 21. The additional upside filter is located at $24.85 (Low of July 18) en route to $25.15 (High of July 18).</p>
<p>On the flip side, any meaningful follow-through selling could drag XAG/USD lower to $24.30 (Low of July 25), followed by $24.10 (Low of July 13). Further south, the next stop of the silver price is $23.60 (Low of June 13).</p>
<p>It’s worth noting that the Relative Strength Index (RSI) stands above 50. Additionally, the bullish MACD signals suggest that upside momentum has been activated.</p>
<h2>Silver (XAG/USD) one-hour chart</h2>
<p><a href="https://editorial.fxstreet.com/miscelaneous/XAG_USD-638258661139631107.png" target="_blank" rel="noopener"><img decoding="async" src="https://editorial.fxstreet.com/miscelaneous/XAG_USD-638258661139631107.png" style="width: 600px; height: 306px;" /></a></p>
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<br /><a href="https://www.fxstreet.com/news/silver-price-analysis-xag-usd-recovers-some-lost-ground-above-2450-mark-202307250717">Source link </a></p><p>The post <a href="https://forextraderhub.com/xag-usd-recovers-some-lost-ground-above-24-50-mark.html">XAG/USD recovers some lost ground above $24.50 mark</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>