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Silver is seen oscillating in a narrow range below a three-month top touched on Monday.

The technical setup favors bulls and supports prospects for additional near-term gains.

Any meaningful dip could be seen as a buying opportunity and is likely to remain limited.

Silver (XAG/USD) enters a bullish consolidation phase and oscillates in a narrow trading band just above mid-$24.00s through the first half of the European session on Tuesday. The white metal, however, remains well within the striking distance of a near three-month high touched on Monday and seems poised to prolong its recent strong appreciating move witnessed over the past two weeks or so.From a technical perspective, the recent breakout through the 200-day Simple Moving Average (SMA) and a subsequent strength beyond the $24.00 round figure was seen as a fresh trigger for bullish traders. Furthermore, oscillators on the daily chart are holding comfortably in the positive territory and are still far from being in the overbought zone, validating the near-term positive outlook for the XAG/USD.Hence, any meaningful downside might still be seen as a buying opportunity near the aforementioned resistance breakpoint now turned support near the $24.00 mark. This should help limit the downside for the XAG/USD near the 200-day SMA, currently pegged near the $23.35-$23.30 region. That said, a convincing break below might prompt some technical selling and pave the way for some meaningful downside.The XAG/USD, meanwhile, still seems poised to make a fresh attempt to conquer the $25.00 psychological mark. The next relevant hurdle is pegged near the $25.25 region, or the YTD peak touched in May, which if cleared decisively will reaffirm the bullish bias. The white metal might then accelerate the positive momentum towards reclaiming the $26.00 round figure for the first time since April 2022.
 Silver daily chart

Technical levels to watch
XAG/USD

OVERVIEW Today last price 24.6 Today Daily Change -0.05 Today Daily Change % -0.20 Today daily open 24.65 TRENDS Daily SMA20 23.23 Daily SMA50 22.8 Daily SMA100 23.27 Daily SMA200 23.34 LEVELS Previous Daily High 24.88 Previous Daily Low 24.26 Previous Weekly High 24.33 Previous Weekly Low 23.25 Previous Monthly High 23.7 Previous Monthly Low 20.68 Daily Fibonacci 38.2% 24.65 Daily Fibonacci 61.8% 24.5 Daily Pivot Point S1 24.32 Daily Pivot Point S2 23.98 Daily Pivot Point S3 23.7 Daily Pivot Point R1 24.93 Daily Pivot Point R2 25.21 Daily Pivot Point R3 25.55

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