Silver Price Analysis: XAG/USD fades upside momentum below $24.00

• Silver price eases after positing the biggest daily gains in over a week.
• Impending bear cross on MACD, RSI retreat add strength to the fears of a pullback.
• 200-HMA, weekly support line to restrict short-term downside.
• Double tops around $24.30 appears the key hurdle towards the north.

Silver price (XAG/USD) slides to $23.90 as it consolidates the biggest daily jump in 10 days during early Friday.

The metal’s pullback takes clues from the looming bear cross on the MACD indicator, as well as the RSI (14) retreat.

As a result, the bullion sellers could well target the 200-HMA retest, around $23.70 by the press time.

However, an upward-sloping support line from December 22, close to $23.50 at the latest, will challenge the XAG/USD bears afterward.

It’s worth noting that the December 22 low near $23.40 is also an important support to watch for Silver traders as a break of which will confirm the “double top” bearish formation and theoretically suggest a slump towards $22.50.

Alternatively, a convergence of the previous support line from December 16 and the double tops appears the tough nut to crack for Silver buyers, around $24.30.

Should the silver buyers portray a successful run-up beyond the $24.30 hurdle, a gradual run-up toward April’s peak surrounding $26.22 can’t be ruled out. That said, the $25.00 and $26.00 round figure may act as intermediate halts during the anticipated run-up.

Silver price: Hourly chart

Trend: Pullback expected