Silver Price Analysis: XAG/USD stays pressured around $22.00, approaches monthly support

• Silver prices remain depressed below one-week-old descending trend line despite repeated bounces off 100-SMA.
• Sluggish RSI, MACD hints at the continuation of a slow grind to the south.
• 200-SMA adds to the upside filter, monthly low lures bears.

Silver Price (XAG/USD) holds lower ground near $22.00 during Thursday’s initial Asian session, following the biggest daily loss of the week.

In doing so, the bright metal approaches a short-term key support line while consolidating the weekly gains.

Also supporting the gradual weakness is the recently steady RSI (14), as well as sluggish MACD.

On breaking the aforementioned one-month-old support line, near $21.90 by the press time, the XAG/USD prices could drop towards the monthly low surrounding $21.40.

Following that, the 61.8% Fibonacci retracement of the May 13 to June 06 upside, around $21.25, will gain the market’s attention ahead of directing silver sellers towards the $21.00 threshold.

Meanwhile, the 200-SMA and a weekly resistance line restrict short-term upside moves of the silver prices, respectively around $22.15 and $22.20.

Also acting as an upside filter is the monthly peak of $22.51, a break of which could quickly propel the quote towards May’s top near $23.30.

Silver: Four-hour chart

Trend: Further weakness expected