XAGUSD Chart Technical Outlook

XAGUSD Chart Technical Outlook remains steady with the resistance area at $24.45 on the bulls’ focus, Silver is consolidating gains on a thin trading session on Monday, with the UK market close, with precious metals favored by moderately positive market sentiment, and slightly lower US yields, which are weighing on demand for the USD.

Price action remains steady, supported above the confluence of the 4h 200 SMA, and August 4 high, at $23.75, and next support at $23.20, as the RSI on intraday charts pulls back from strongly overbought levels.

The near-term focus remains on the upside, with the bullish cross on the 4h 50 and 100 SMAs reinforcing this view, and bulls focusing on $24.45 ahead of July’s high at $25.20.

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