Silver Price Analysis: Tide turning in favor of XAG/USD bears, $24 back in sight
|- Silver looks south, as 200-DMA support gives way once again.
- RSI has turned south below the midline while 21-DMA caps the upside.
- A test of the horizontal support sub-$24 is back on the table.
Silver (XAG/USD) is battling the critical 200-daily moving average (DMA) support at $25.11, as sellers look for an entry, in a bid to test the $24 mark.
The white metal breached the abovementioned support on Friday but managed to recapture it on a daily closing basis.
However, the XAG bulls continue to lack conviction, as the bears step in and fight back control on Monday.
The 14-day Relative Strength Index (RSI) edges lower, moving away from the midline, allowing room for more declines.
A daily closing below the 200-DMA could expose the April 5 low of $24.61.
Further south, the $24 round figure could offer some reprieve to the XAG bulls.
The sellers would then target the three-month lows of $23.78, where the horizontal trendline (orange) coincides.
Silver Price Chart: Daily
Alternatively, any recovery attempts would need to clear the bearish 21-DMA, now at $25.32.
The horizontal 100-DMA at $25.70 will then get tested, with the bulls seeking total control.
Silver Additional levels
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