Silver Price Analysis: XAG/USD bounces off 10-EMA to defend $24.00 amid sluggish Asian session

• Silver Price prints mild gains while snapping three-day losing streak.
• Upbeat oscillators, clear rebound from 10-EMA favor XAG/USD buyers.
• Sellers remain off the table beyond $23.75 while Silver price upside remains elusive below $24.80.

Silver Price (XAG/USD) picks up bids to defend the week-start rebound above the $24.00 amid early Monday in Asia. In doing so, the XAG/USD prints the first daily gain in four while reversing from the 10-day Exponential Moving Average (EMA).

Apart from the Silver Price rebound from the 10-EMA, the bullish MACD signals and the upbeat RSI (14) line, not overbought, also underpins the Silver Price recovery to $24.25 by the press time.

However, a convergence of the commodity’s 23.6% Fibonacci retracement of the March–May upside and a four-month-old downward-sloping trend line, close to $24.75–80 at the latest, appears the key for the XAG/USD bulls to cross to retake control.

Following that, the Silver Price run-up towards the previous monthly high of around $25.00 and July’s peak of $25.30 will be in the spotlight.

Meanwhile, a downside break of the 10-EMA level of $24.10, needs validation from the $24.00 round figure to convince the intraday sellers of the Silver.

Even so, the 50-EMA and 38.2% Fibonacci retracement together offer a tough nut to crack for the Silver bears around $23.75.

To sum up, the XAG/USD is likely to portray a corrective bounce amid the US Labor Day Holiday.

Silver Price: Daily chart

Trend: Limited recovery expected