Silver Price Analysis: XAG/USD stays pressured towards $23.50 support

• Silver price takes offers to reverse the previous day’s corrective bounce off six-week low.
• Failure to cross late March swing highs lure XAG/USD sellers even as oversold RSI prods downside.
• 200-SMA acts as an extra upside filter; bullish MACD signals also challenge Silver bears.

Silver price (XAG/USD) renews its intraday low near $24.00 as it reverses the week-start rebound from the lowest levels in 1.5 months. In doing so, the bright metal portrays its inability to cross a horizontal resistance stretched since late March.

With this, the XAG/USD is likely to decline further towards the 50% Fibonacci retracement level of the commodity’s March-May upside, near $23.80.

However, the oversold RSI (14) and bullish MACD signals will join the multiple levels marked during late March and early April, near $23.50, to limit the Silver price.

In a case where the Silver price remains bearish past $23.50, the 61.8% Fibonacci retracement, also known as the Golden Fibonacci Ratio, around $23.25, will act as the final defense of the Silver buyers.

Meanwhile, the XAG/USD’s upside break of the immediate six-week-old horizontal resistance, near $24.20, isn’t an open invitation to the buyers as multiple hurdles marked in April around $24.50-60 challenge the metal’s further upside. Also acting as an upside filter is the 200-SMA level of around $25.00.

To sum up, Silver price is likely to witness further downside but the room toward the south is limited.

Silver price: Four-hour chart

Trend: Limited downside expected