Silver Price Analysis: XAG/USD dribbles within key DMA envelope around $24.00

• Silver Price remains sidelined between 21-DMA and 50-DMA, prints mild gains of late.
• Upbeat oscillators suggest continuation of sideways grind in XAG/USD price.
• Downside break of immediate support line signals intraday weakness of the quote.

Silver Price (XAG/USD) picks up bids to reverse the week-start losses around $24.00, up 0.20% intraday amid the early hours of Tuesday’s Asian session. In doing so, the bright metal justifies bullish MACD signals and the upbeat RSI (14) line while ignoring a downside break of the three-week-old rising trend line.

It should be noted that the XAG/USD remains sidelined between the 21-DMA and the 50-DMA since May 08 and hence the latest downside break of the trend line support, now immediate resistance near $24.10, may not impress the bears.

Even if the Silver Price rises past the $24.10 hurdle, the 50-DMA resistance of around $24.40 and the monthly high of near $24.55 can challenge the XAG/USD bulls.

In a case where the Silver Price remains firmer past $24.55, the odds of witnessing a run-up toward the yearly high of close to $26.15 can’t be ruled out. Though, the $25.00 round figure may offer an intermediate halt during the rise.

Alternatively, the 21-DMA support of $23.65 restricts the immediate downside of the Silver Price before highlighting the previous weekly low surrounding $23.20 and the $23.00 round figure.

Following that, May’s low of $22.70 and the 61.8% Fibonacci retracement of its March-May upside, near $22.30, should act as the last defense of the XAG/USD bulls before giving control to the bears.

Overall, Silver price is likely to witness intraday weakness but the moves are likely to remain within the aforementioned DMA envelope.

Silver Price: Daily chart

Trend: Sideways