Silver Price Analysis: XAG/USD offers aim for $22.40 resistance-turned-support

Silver Price Analysis: XAG/USD offers aim for $22.40 resistance-turned-support

Silver takes offers to refresh intraday low, snaps three-day uptrend.

10-DMA, one-month-old falling trend line restricts immediate downside.

Sluggish Momentum line challenge bearish moves towards yearly low.

Bulls need validation from $22.90 for fresh entries.

Silver (XAG/USD) prices print the days fresh low around $22.50, down 0.80% intraday while marking the first daily fall in four during early Tuesday.

Although failures to cross a six-week-old horizontal hurdle keeps XAG/USD sellers hopeful, a convergence of the 10-DMA and previous resistance line from early September, near $22.40, challenges the quotes immediate declines.

Even if the bears manage to conquer the $22.40 strong support, the $22.00 threshold will add to the downside filters before dragging the metal towards the yearly low of $21.42.

It should be noted that the weaker Momentum line portrays the traders indecision, challenging the latest pullback.

However, the recovery moves need to cross the stated horizontal resistance near $22.90 to direct the silver buyers towards the $23.30 hurdle comprising lows marked during late August and early September.

Above all, silvers bearish trajectory, as indicated by descending resistance line from July 6, around $23.90 by the press time, remains intact.