Silver Price Analysis: XAG/USD bears challenge ascending trend-line support, near $24.00

Silver turned lower for the second successive day on Friday and dropped to $24.00.
Sustained break below an ascending trend line will set the stage for further losses.
Bullish oscillators on the daily chart warrant caution for aggressive bearish traders.

Haresh Menghani FXStreet

Silver struggled to capitalize on its intraday uptick, instead met with a fresh supply near mid-$24.00s on Friday and turned lower for the second successive day. The white metal remained on the defensive through the early North American session and was last seen trading just above the $24.00 mark.

Some follow-through selling below the aforementioned handle will confirm a bearish breakdown through an upward sloping trend-line extending from the $22.00 mark, or the monthly low. This will set the stage for an extension of the overnight sharp pullback from the highest level since August 2021.

That said, technical indicators on the daily chart - though have corrected from higher levels - are still holding comfortably in the bullish territory. This makes it prudent to wait for a convincing break through the ascending trend-line before placing aggressive bearish bets around the XAG/USD.

The next relevant support is pegged near the $23.70 region, below with the downward trajectory could get extended towards the $23.35 area. The XAG/USD could eventually drop below the $23.00 mark, towards the $22.85 support zone.

On the flip side, any meaningful bounce from current levels now seems to confront stiff resistance near the daily swing high, around the $24.50-$24.55 region. Sustained strength beyond will reaffirm the ascending trend-line support and push the XAG/USD back towards the $25.00 mark.

Silver daily chart

Technical levels to watch

XAG/USD

Overview
Today last price	24.11
Today Daily Change	-0.05
Today Daily Change %	-0.21
Today daily open	24.16

Trends
Daily SMA20	23.35
Daily SMA50	23.18
Daily SMA100	23.36
Daily SMA200	24.2

Levels
Previous Daily High	25.62
Previous Daily Low	23.84
Previous Weekly High	24.09
Previous Weekly Low	23.08
Previous Monthly High	24.7
Previous Monthly Low	21.96
Daily Fibonacci 38.2%	24.52
Daily Fibonacci 61.8%	24.94
Daily Pivot Point S1	23.46
Daily Pivot Point S2	22.77
Daily Pivot Point S3	21.69
Daily Pivot Point R1	25.24
Daily Pivot Point R2	26.32
Daily Pivot Point R3	27.01

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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