Silver Price Analysis

Silver Price Analysis: 20-DMA defends XAG/USD bulls below $24.00

Silver remains pressured after stepping back from three-week top, multi-day-old resistance line.

Steady RSI, sustained trading above 20-DMA challenge bears.

Ascending trend line from August 09 adds to the downside filters.

Silver (XAG/USD) edges lower around $23.88 during Wednesdays Asian session, after stepping back from the key resistance line the previous day.

Even so, the bright metal stays above 20-DMA and the RSI hasnt weakened yet, which in turn keeps buyers hopeful. Also on the positive side could be a 17-day-long rising support line.

Hence, the commodity‘s latest pullback can’t be taken as a welcome note for sellers unless breaking the 20-DMA level of $23.73, not to forget a short-term support line near $23.50.

Should the quote drops below $23.50, the late August swing low around $22.90–85 and the yearly bottom marked in the last month around $22.20 will be in focus.

Meanwhile, an upside clearance of the stated resistance line from June, near $24.05, will need validation from the recent highs surrounding $24.20–25.

Following that, Julys low of $24.50 and the previous monthly top of $26.00 will be crucial to watch.