Silver Price Analysis: XAG/USD bears eye monthly support line below $24.00
|- Silver remains offered for the third consecutive day, refreshes intraday low.
- 12-day-old support line breakdown joins bearish MACD signals to favor sellers.
- Weekly falling trend line adds to the resistance.
Silver takes offered around $23.95, down 0.37% intraday, to refresh the daily lows during early Thursday. In doing so, the bright metal extends the previous day’s downside break of two-week-old support, now resistance, while also printing a three-day south-run.
Given the bearish MACD signals joining the recent support break, XAG/USD sellers are hopeful to challenge an ascending support line from September 30, near $23.60.
However, any further weakness past $23.60 will be challenged by the 200-SMA level near the $23.00 round-figure, a break of which will direct silver sellers toward a 61.8% Fibonacci retracement level of September 29 to October 22 upside, around $22.70.
Alternatively, a one-week-long resistance line around $24.15 guards the quote’s immediate upside ahead of the previous support line near $24.25.
During the XAG/USD upside beyond $24.25, the monthly high near $24.85 and September’s peak close to $24.90 will be crucial levels to watch.
Silver: Four-hour chart
Trend: Further weakness expected
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