Silver Price Analysis: Tide Turning In Favor Of XAG/USD Bears, $24 Back In Sight

Silver (XAG/USD) is battling the critical 200-daily moving average (DMA) support at $25.11, as sellers look for an entry, in a bid to test the $24 mark.

The white metal breached the abovementioned support on Friday but managed to recapture it on a daily closing basis.

However, the XAG bulls continue to lack conviction, as the bears step in and fight back control on Monday.

Silver, Bars, 5000 Grams, Real Value

Image Source: Pixabay

The 14-day Relative Strength Index (RSI) edges lower, moving away from the midline, allowing room for more declines.

A daily closing below the 200-DMA could expose the April 5 low of $24.61.

Further south, the $24 round figure could offer some reprieve to the XAG bulls.

The sellers would then target the three-month lows of $23.78, where the horizontal trendline (orange) coincides.

Silver Price Chart: Daily

(Click on image to enlarge)

Alternatively, any recovery attempts would need to clear the bearish 21-DMA, now at $25.32.

The horizontal 100-DMA at $25.70 will then get tested, with the bulls seeking total control.

Silver Additional levels

XAG/USD

 

Disclaimer: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only ...

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