XAG/USD sits near multi-week top, flirts with $24.35-40 barrier

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<li><strong>Silver regains positive traction on Tuesday, albeit lacks follow-through.</strong></li>
<li><strong>Positive oscillators on the daily chart support prospects for further gains.</strong></li>
<li><strong>A break below $23.80 support might prompt aggressive technical selling.</strong></li>
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<p><a href="https://www.fxstreet.com/rates-charts/xagusd">Silver</a> retests a three-week high on Tuesday, albeit struggles to capitalize on the move and remains below the $24.35-$24.40 area through the early European session.</p>
<p>The said hurdle might now act as a pivotal point, which if cleared decisively will set the stage for an extension of the recent rally from the $22.20 area, or the lowest level since June 23 touched earlier this month. Given that technical indicators on the daily chart have just started gaining positive traction, the XAG/USD might then aim to surpass the $24.55-$24.60 intermediate barrier and 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 round figure.</p>
<p>On the flip side, the $24.00 mark is likely to protect the immediate downside ahead of the 200-period Simple Moving Average (SMA) on the 4-hour chart, currently pegged around the $23.85 region. A sustained break below 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 a further downside towards testing sub-$23.00 levels.</p>
<h2>Silver 4-hour chart</h2>
<p><a href="https://editorial.fxstreet.com/miscelaneous/image-638288906921267872.png" target="_blank" rel="noopener"><img decoding="async" alt="fxsoriginal" src="https://editorial.fxstreet.com/miscelaneous/image-638288906921267872.png" style="width: 650px; height: 314px;" /></a></p>
<p>Any subsequent decline will expose the $22.20-$22.10 support zone. The latter represents the neckline of a bearish head and shoulders pattern formation on the daily chart. Hence, a convincing break below will set the stage for a meaningful decline.</p>
<h3>XAG/USD daily chart</h3>
<p><a href="https://editorial.fxstreet.com/miscelaneous/image-638288907625336709.png" target="_blank" rel="noopener"><img decoding="async" alt="fxsoriginal" src="https://editorial.fxstreet.com/miscelaneous/image-638288907625336709.png" style="width: 650px; height: 314px;" /></a></p>
<h3>Technical levels to watch</h3>
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<br /><a href="https://www.fxstreet.com/news/silver-price-analysis-xag-usd-sits-near-multi-week-top-flirts-with-2435-40-barrier-202308290725">Source link </a></p><p>The post <a href="https://forextraderhub.com/xag-usd-sits-near-multi-week-top-flirts-with-24-35-40-barrier.html">XAG/USD sits near multi-week top, flirts with $24.35-40 barrier</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>