Silver Price Analysis: XAG/USD defends $24.00 even as bears lurking for controls

• Silver keeps the previous day’s bound off weekly low.
• Pullback from 200-day EMA, downside break of a fortnight-old support line favor bears.
• Sellers eye one-month-old ascending trend line, seven-week-long horizontal resistance adds to the upside filters.

Silver (XAG/USD) remains range-bound above $24.00 amid Wednesday’s Asian session. That said, the quote prints $24.15 level after posting the heaviest daily fall in a month while stepping back from 200-day EMA.

In addition to the quote’s U-turn from the key moving average, receding bullish bias of the MACD and a break of an ascending support line from October 13, near $24.25 by the press time, also favor sellers.

Hence, the bright metal seems set to retest the monthly support line, around $23.50. However, the $24.00 threshold may offer an intermediate halt during the fall.

It should be observed that a clear downside past $23.50 won’t hesitate to break the $23.00 round figure.

On the flip side, an upside clearance of the previous support line close to $24.25 will aim for the 200-day EMA level of $24.55 before directing the XAG/USD bulls toward a horizontal area established since early September around $24.80-90.

In a case where the silver prices remain firmer past $24.90, the $25.00 psychological magnet and August month’s high of $26.00 will be in focus.

Silver: Daily chart

Trend: Further weakness expected