Silver Price Analysis: XAG/USD bears flirt with $23.50 inside weekly bearish channel

• Silver price licks its wounds within bearish chart pattern at the lowest levels in seven weeks.
• MACD, RSI (14) suggests further short-covering of XAG/USD inside weekly falling channel.
• Silver price recovery remains elusive below 200-SMA; $23.25 appears short-term key support.

Silver price (XAU/USD) pares weekly losses around $23.50 as it retreats from intraday high but stays inside a weekly descending trend channel amid early Friday. In doing so, the bright metal fades bounce off the lowest levels in seven weeks marked the previous day.

It’s worth noting that the oversold conditions of the RSI (14) and recently bullish signals from the MACD indicator favor the XAG/USD buyers.

However, an upside break of the stated channel’s top line, close to $23.70 at the latest, becomes necessary for the Silver Bulls to enter. Even so, the weekly top of $24.10 may act as an extra filter towards the north.

Should the quote remains firmer past $24.10, the 200-SMA and previous support line from early April, respectively near $24.95 and $25.20, will be in the spotlight as they hold the gate for the XAG/USD bull’s conviction.

On the contrary, a convergence of the aforementioned falling channel from Monday and the 61.8% Fibonacci retracement level of the pair’s April-May upside, around $23.25, put a floor under the Silver price.

Following that, multiple lows marked during late March around $22.85-80 may prod the XAG/USD bears before giving them control.

Silver price: Four-hour chart

Trend: Limited recovery expected