Silver Price Analysis: XAG/USD recovers some lost ground above $24.50 mark

• Silver price gains traction and holds above $24.55 on Tuesday.
• XAG/USD holds below the 50- and 100-hour EMAs with a downward slope.
• Immediate resistance is seen at the $24.60-$24.65 zone; $24.30 acts as an initial support level.

Silver 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.

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.

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).

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).

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.

Silver (XAG/USD) one-hour chart