Silver Price Analysis: XAG/USD bounces off 10-DMA, aims to regain $25.00 ahead of FOMC
- Silver Price snaps two-day losing streak while bouncing off one-week low.
- 10-DMA, three-month-old horizontal support zone restrict immediate downside.
- Bullish MACD signals, upbeat RSI keeps XAG/USD buyers hopeful.
- Silver sellers need validation from monthly support line to retake control.
Silver Price (XAG/USD) remains mildly bid around $24.65 amid early Monday morning in Asia. In doing so, the XAG/USD recovers from the 10-DMA and three-month-old horizontal support amid upbeat oscillators.
That said, bullish MACD signals and the upbeat RSI (14) add strength to the upside bias about the XAG/USD price.
It’s worth noting that the $25.00 round figure guards the immediate upside of the Silver Price ahead of the latest swing high of around $25.30.
Following that, the yearly high marked in May around $26.15 will lure the XAG/USD buyers.
Meanwhile, a daily closing below the 10-DMA and a horizontal support area comprising multiple levels marked since late April, respectively near the $24.60 and $24.60-50 region, will convince short-term silver sellers.
Even so, a convergence of the 100-DMA and 38.2% Fibonacci retracement level of its March-May upside, near $23.75 at the latest, appears a tough nut to crack for the Silver buyers.
Following that, an ascending support line stretched from late June, around $23.15 by the press time, can’t be ruled out.
Overall, the Silver Price (XAG/USD) is likely to remain firmer unless breaking $23.15.
Silver Price: Daily chart
Trend: Further recovery expected