Silver Price Analysis: XAG/USD bears challenge ascending trend-line support, near $24.00

• Silver turned lower for the second successive day on Friday and dropped to $24.00.
• Sustained break below an ascending trend line will set the stage for further losses.
• Bullish oscillators on the daily chart warrant caution for aggressive bearish traders.

Silver struggled to capitalize on its intraday uptick, instead met with a fresh supply near mid-$24.00s on Friday and turned lower for the second successive day. The white metal remained on the defensive through the early North American session and was last seen trading just above the $24.00 mark.

Some follow-through selling below the aforementioned handle will confirm a bearish breakdown through an upward sloping trend-line extending from the $22.00 mark, or the monthly low. This will set the stage for an extension of the overnight sharp pullback from the highest level since August 2021.

That said, technical indicators on the daily chart - though have corrected from higher levels - are still holding comfortably in the bullish territory. This makes it prudent to wait for a convincing break through the ascending trend-line before placing aggressive bearish bets around the XAG/USD.

The next relevant support is pegged near the $23.70 region, below with the downward trajectory could get extended towards the $23.35 area. The XAG/USD could eventually drop below the $23.00 mark, towards the $22.85 support zone.

On the flip side, any meaningful bounce from current levels now seems to confront stiff resistance near the daily swing high, around the $24.50-$24.55 region. Sustained strength beyond will negate will reaffirm the ascending trend-line support and push the XAG/USD back towards the $25.00 mark.

Silver daily chart

Technical levels to watch