Silver Price Analysis: Wednesday’s Doji, RSI conditions prod XAG/USD bears below $24.00

• Silver price fades bounce off seven-week low, sidelined of late.
• Doji candlestick around 100-EMA support, nearly oversold RSI (14) line lure XAG/USD buyers.
• 50-EMA, bearish MACD signals cap Silver price recovery.

Silver price (XAG/USD) slips off the bear’s radar despite the latest inaction around $23.80-75 during early Thursday morning in Asia.

That said, the bright metal dropped to the lowest levels in seven weeks the previous day before bouncing off the 100-day Exponential Moving Average (EMA). In doing so, the XAG/USD portrayed a Doji candlestick on the daily time frame.

Apart from the reversal suggesting candlestick from the 100-EMA, the nearly oversold RSI (14) also allows the Silver bears to catch a breather.

The XAG/USD recovery, however, appears limited as the $24.00 round figure and the 50-EMA level of near $24.20 challenge the upside amid bearish MACD signals.

In a case where the Silver price rises past $24.20, a 1.5-month-old horizontal resistance area surrounding $24.50-55 could challenge the metal’s further advances.

On the flip side, a daily close below the 100-EMA level of $23.48 becomes necessary to recall the Silver sellers.

Even so, the 50% Fibonacci retracement level of the metal’s March-May upside, near $23.00, precedes the 200-EMA level of $22.80 to restrict the XAG/USD downside.

It’s worth noting that the Golden Fibonacci ratio, the 61.8% mark, around $22.30, appears the last defense of the Silver buyers.

Silver price: Daily chart

Trend: Limited recovery expected