Silver Price Analysis: XAG/USD eases towards $25.00 on Friday’s hanging man below 200-DMA

• Silver takes offers to snap three-day uptrend around the highest level since August.
• Bearish candlestick formation, overbought RSI and failures to cross 200-DMA favor sellers.
• Highs marked in September, October can entertain short-term sellers.

Silver (XAG/USD) refreshes intraday low to $25.10, down 0.11% on a day during early Monday.

The white metal renewed a three-month high the previous day but failed to cross the 200-DMA hurdle. In doing so, the quote posted a bearish candlestick formation, namely Hanging Man, amid overbought RSI conditions.

Hence, intraday sellers are in full swing to aim for the $25.00 threshold but tops marked during September and October, around $24.85-80, will challenge the silver bears afterward.

Adding to the downside filters is the 61.8% Fibonacci retracement of July-September fall, near $24.70.

Alternatively, a daily closing beyond the 200-DMA level of $25.36 will aim for August month’s high of $26.00.

Should the XAG/USD bulls keep reins past $26.00, July’s peak around $26.80 will be in focus.

Silver: Daily chart

Trend: Further weakness expected