Silver Price Analysis: 78.6% Fibonacci ratio prods XAG/USD bulls at multi-day top below $25.00

• Silver Price seesaws at the highest levels in nine weeks, prints the first daily loss in three.
• Key Fibonacci retracement hurdle, overbought RSI conditions challenge XAG/USD bulls amid cautious markets ahead of US data.
• Silver bears remain off the table unless the quote stays beyond 50-DMA, $24.55 can lure intraday sellers.

Silver Price (XAG/USD) retreats from the highest levels since early May, down 0.11% intraday near $24.85 amid the mid-Asian session on Friday. In doing so, the XAG/USD portrays the market’s anxiety ahead of the US consumer-centric data for July while printing the first daily loss in three.

That said, the overbought RSI (14) line joins the 78.6% Fibonacci retracement level of the XAG/USD’s March-September 2022 downturn to challenge the Silver buyers around $24.95.

Even if the bright metal crosses the $24.95 hurdle, the $25.00 round figure can act as an extra check for the bulls before directing them to the 15-month-old horizontal resistance area surrounding $26.10-20.

Following that, the previous yearly high of near $26.95 and the $27.00 threshold will be in the spotlight.

On the contrary, a horizontal area comprising multiple levels marked since January 2023, around $24.65-55, restricts the short-term downside of the Silver Price.

That said, the XAG/USD bears will need validation from the 50-DMA level of around $23.60 to retake control.

Overall, the Silver Price remains on the bull’s radar even if a short-term pullback is expected.

Silver Price: Daily chart

Trend: Pullback expected