Silver Price Analysis: XAG/USD bears seek entries but $23.90 holds the gate

• Silver fades bounce off 100-SMA, support line of monthly rising channel.
• Bearish MACD, failures to recover keep sellers hopeful but bullish chart pattern, key moving average restricts the downside.

Silver (XAG/USD) remains pressured around $24.00 during early Friday morning in Asia.

The bright metal dropped to the lowest in a week before portraying a rebound from a convergence of 100-SMA and lower-line of the monthly ascending trend channel.

Given the bearish MACD signals and the metal’s failures to recover, not to forget recent lower-high formation, silver sellers remain hopeful.

However, a clear downside break of $23.90 becomes necessary before the quote drops to the late August lows near $23.30.

Following that, August 20 bottom and the yearly trough, respectively near $22.85 and $22.15 will be in focus.

Alternatively, the corrective pullback could aim for $24.30 and the monthly high close to $24.85 before challenging the $25.00 threshold.

Even so, the upper line of the stated channel near $25.15 will question the pair’s upside momentum, if not then the last month’s top near $26.00 should return to the charts.

Silver: Four-hour chart

Trend: Further weakness expected