Silver Price Analysis: XAG/USD sellers eye $24.00 during latest pullback
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Silver Price Analysis: XAG/USD sellers eye $24.00 during latest pullback

  • Silver steps back from two-week-old resistance line, choppy off-late.
  • RSI retreat favor sellers, key SMA adds to the upside filters.

Silver fades Wednesday’s recovery moves while easing from a downward sloping trend line from March 18, down 0.24% intraday around $24.34, during early Thursday.

Also favoring the white metal sellers could be the downward sloping RSI and sustained trading below the key SMAs.

As a result, the $24.00 is on the intraday sellers’ radar before hitting the one-week-old falling support line, around $23.58.

If at all silver sellers dominate past-$23.58, October 2018 low around $22.60 should return to the chart.

On the flip side, a clear run-up beyond the immediate resistance line near $24.45 will attack the 50-SMA level of $24.92 to regain the $25.00 mark.

However, any further upside past-$25.00 will be challenged by a 200-SMA level of $26.15.

Silver four-hour chart

Trend: Further weakness expected


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