Silver Price Analysis: XAG/USD drops towards weekly support near $23.50

• Silver price remains depressed below 200-HMA, prints three-day downtrend.
• Bullish MACD signals, steady RSI can defend buyers around short-term key support.
• Buyers need validation from $24.00 to retake control.

Silver price (XAG/USD) holds lower ground near $23.60 amid early Wednesday’s sluggish markets. In doing so, the bright metal drops for the third consecutive day despite positive mild losses.

That said, the quote’s sustained trading below the 200-Hour Moving Average (HMA) keeps the sellers hopeful. Even so, the bullish MACD signals and mostly steady RSI (14) hint at limited downside room.

As a result, an upward-sloping support line from the last Thursday, around $23.50 by the press time, appears to put a floor under the XAG/USD.

In a case where the Silver sellers manage to conquer the $23.50 support, the monthly low of $23.11 and the $23.00 round figure will gain major attention.

However, the $22.50 appears a tough nut to crack for XAG/USD bears afterward as it comprises the June 2022 peak and late December’s trough.

Meanwhile, an upside clearance of the 200-HMA, close to $23.80 at the latest, isn’t enough for the Silver buyer’s conviction as a downward-sloping resistance line from January 03, close to $23.90, should test the quote’s further advances.

Also acting as an upside hurdle is the $24.00 round figure, a break of which could quickly propel prices towards challenging the monthly high, currently around $24.55.

Silver price: Hourly chart

Trend: Limited downside expected