Silver Price Analysis: XAG/USD eyes further downside towards 50-DMA

• Silver price remains pressured despite softer start of the key week.
• Failure to keep the bounce off 50-DMA, bearish MACD signals underpin downside bias.
• Monthly resistance line appears crucial for buyer’s entry.

Silver price (XAG/USD) holds lower ground near $23.60 as it fades the previous day’s attempt to recover during early Tuesday.

That said, the bright metal refreshed the monthly low the last week but bounced off $22.76. The recovery moves, however, failed to cross a downward-sloping resistance line from January 03, close to $24.30 by the press time, which in turn keeps the bears hopeful.

Not only does the XAG/USD retreat from the key resistance line but bearish MACD signals also favor the sellers.

As a result, the quote is likely to market another attempt at breaking the 50-DMA support, close to $23.30 at the latest.

Even so, upward-sloping support lines from November 03 and 21, respectively near $23.20 and $23.05, as well as the $23.00 round figure, will challenge the bright Silver bears afterward.

If at all the XAG/USD price remains weak past $23.00, the odds of witnessing a fresh monthly low, currently around $22.75, can’t be ruled out.

On the flip side, the $24.00 round figure may entertain the Silver buyers ahead of directing them to the aforementioned monthly resistance line, close to $24.30 by the press time.

Also acting as the short-term key hurdle is the monthly high near $24.50, a break of which could quickly propel Silver price towards the $25.00 threshold and then to the April 2022 peak surrounding $26.25.

Silver price: Daily chart

Trend: Further weakness expected