Silver Price Analysis: XAG/USD drops below $22.00 inside weekly bullish channel

• Silver takes offers to renew daily low, extends the previous day’s pullback from two-week top.
• Three-day-old descending trend line restricts immediate upside inside one-week-old rising channel.
• 200-HMA, absence of downbeat RSI also challenge sellers.

Silver (XAG/USD) remains on the back foot for the second consecutive day, taking offers of around $21.93 during Thursday’s Asian session.

In doing so, the bright metal retreats from a three-day-old downward sloping resistance line amid descending RSI.

However, a one-week-old bullish channel’s support, around $21.75, will challenge the XAG/USD’s immediate downside.

Even if the quote drops below $21.75, the 200-HMA level of $21.71 and a near 50 level of RSI can keep silver buyers hopeful.

On the contrary, an upside break of the immediate resistance line, at $22.05, becomes necessary for buyers to retake control.

Following that, the upper line of the aforementioned channel, near $22.30, will gain the market’s attention.

Should the XAG/USD bulls dominate past $22.30, the $23.00 threshold and the monthly high near $23.30 will be in focus.

Silver: Hourly chart

Trend: Short-term weakness expected