Silver Price Analysis: Oversold RSI probes XAG/USD bears at monthly low above $24.00

• Silver bears take a breather after falling the most in three months.
• Downside break of key support line, 200-SMA join bearish MACD signals to favor XAG/USD sellers.
• Oversold RSI conditions join late March swing high to put a floor under the Silver price.

Silver price (XAG/USD) remains tepid near $24.15 during Friday’s generally inactive early Asian session. In doing so, the metal bears take a breather after falling the most on a day since early March.

That said, the oversold conditions of the RSI (14) line join the tops marked in late March, as well as early April, around $24.10-15 to prod the metal sellers of late.

Even so, a sustained downside break of the 200-SMA and an upward-sloping support line from late March, respectively near $24.95 and $25.10, keep the Silver bears hopeful of refreshing the monthly low, currently around $24.13.

In that case, a seven-week-old horizontal support zone surrounding $23.60-55 gains the major attention of the XAG/USD sellers.

Following that, 50% and 61.8% Fibonacci retracement levels of the metal’s March-May upside, close to $23.00 and $22.30 in that order, will be in the spotlight.

On the contrary, Silver price recovery needs validation from the 200-SMA and previous support line stretched from late March, around $24.95 and $25.10 in that order, to convince short-term buyers.

However, multiple hurdles around $25.30-40 and $25.80 challenge the XAG/USD upside past $25.10 before directing the bullion towards the latest peak of $26.13.

Silver price: Four-hour chart

Trend: Further downside expected