Silver Price Analysis: XAG/USD fades bounce off short-term support line near $24.00

• Silver Price remains pressured after snapping three-day downtrend.
• Three-week-old support line, 21-DMA restrict XAG/USD declines amid upbeat oscillators.
• Silver buyers need validation from 50-DMA to tighten the control.

Silver Price (XAG/USD) takes offers to reverse the previous day’s corrective bounce by renewing its intraday low to around $23.90 early Thursday in Asia. In doing so, the XAG/USD fades bounce off a three-week-old ascending support line, as well as the 21-DMA.

It’s worth noting, however, that the bullish MACD signals and the steady RSI near the 50.0 level keep suggesting the Silver Price grind towards the north.

Hence, the XAG/USD sellers need to wait for a clear downside break of the aforementioned support line stretched from late May and the 21-DMA, respectively near $23.75 and $23.60.

Even so, the 100-DMA support of $23.35, the $23.00 round figure and May’s low of $22.70 could challenge the Silver bears before giving them control.

On the flip side, XAG/USD buyers need to provide a daily closing beyond the 50-DMA hurdle of around $24.45. That said, the $24.00 round figure appears immediate resistance for the Silver Price.

It should be noted that the late April low of around $24.50 acts as an extra filter towards the north.

To sum up, the Silver Price remains on the bull’s radar despite the latest retreat.

Silver Price: Daily chart

Trend: Limited downside expected