Silver Price Analysis: XAG/USD rebound remains elusive below 200-DMA

• Silver price snaps four-day downtrend while bouncing off the lowest levels since early November 2022.
• Bearish MACD signals, sustained trading below 200-DMA keep sellers hopeful.
• Multiple hurdles stand tall to challenge XAG/USD buyers.

Silver price (XAG/USD) clings to mild gains around $20.70 as bulls struggle to defend the first daily gains in five during early Tuesday.

That said, the bright metal dropped to the lowest levels since November 2022 before bouncing off $20.56. The metal’s recovery could be linked to a U-turn from the three-month-old horizontal support.

Despite the latest rebound, the XAG/USD remains on the seller’s radar as it stays below the 200-DMA amid bearish MACD signals.

Even if the precious metal crosses the 200-DMA hurdle of $21.00, a downward-sloping resistance line from February 02, close to $21.25 by the press time, could challenge the Silver buyers afterward.

It’s worth observing that the XAG/USD bears remain hopeful unless the quote stays below the $22.00-10 resistance area comprising multiple tops marked since the last November.

On the contrary, a daily closing below the aforementioned three-month-old horizontal support near $20.50 will challenge an ascending support line from early September 2022, around $20.25 to please the Silver bears.

It should be noted that the $20.00 psychological magnet acts as an extra filter toward the south.

Overall, the Silver price remains weak unless breaking the $22.10 hurdle. The downside moves, however, appear to have limited room towards the south.

Silver price: Daily chart

Trend: Bearish