XAG/USD refreshes weekly top, seems poised to appreciate further

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<li><strong>Silver scales higher for the third straight day and climbs to a fresh weekly high on Thursday.</strong></li>
<li><strong>The technical setup seems tilted in favour of bulls and supports prospects for further gains.</strong></li>
<li><strong>A sustained break below the $24.00 mark is needed to negate the near-term positive bias.</strong></li>
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<p><a href="https://www.fxstreet.com/rates-charts/xagusd">Silver</a> gains strong follow-through positive traction for the third successive day on Thursday and climbs to a fresh weekly top during the early part of the European session. The white metal currently trades just above the $25.00 psychological mark and remains well within the striking distance of over a two-month peak touched last week.</p>
<p>The technical setup, meanwhile, favours bullish traders and suggests that the path of least resistance for the XAG/USD is to the upside. The positive outlook is reinforced by the fact that oscillators on hourly/daily charts are holding comfortably in bullish territory and are still far from being in the overbought zone. That said, it will still be prudent to wait for some follow-through buying beyond the $25.25 area, or the monthly peak, before positioning for any further appreciating move.</p>
<p>The XAG/USD might then accelerate the positive momentum towards the $25.50-$25.55 intermediate hurdle and eventually aim towards reclaiming the $26.00 round figure. This is closely followed by the YTD peak, around the $26.10-$26.15 area touched in May. A sustained strength beyond will be seen as a fresh trigger for bullish traders and pave the way for additional gains.</p>
<p>On the flip side, any corrective pullback is more likely to attract some buying near the $24.85-$24.80 region. This should help limit the downside for the XAG/USD near the $24.60 zone. Failure to defend the said support will expose the weekly low, around the $24.25 region, which if broken decisively will negate the positive outlook and shift the bias in favour of bearish traders. Silver might then drop further below the $24.00 mark, towards the $23.65-$23.60 support.</p>
<p>The XAG/USD could then extend the downward trajectory further towards the $23.20-$23.15 region. Some follow-through selling below the $23.00 mark, nearing the very important 200-day SMA, will make silver vulnerable to challenge the multi-month low, around the $22.15-$22.10 area.</p>
<h2>Silver daily chart</h2>
<p><a href="https://editorial.fxstreet.com/miscelaneous/image-638260427670639200.png" target="_blank" rel="noopener"><img decoding="async" alt="fxsoriginal" src="https://editorial.fxstreet.com/miscelaneous/image-638260427670639200.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-refreshes-weekly-top-seems-poised-to-appreciate-further-202307270820">Source link </a></p><p>The post <a href="https://forextraderhub.com/xag-usd-refreshes-weekly-top-seems-poised-to-appreciate-further.html">XAG/USD refreshes weekly top, seems poised to appreciate further</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>