Silver price (XAG/USD) takes offers to renew intraday low around $23.00 as bear prod short-term key support heading into Tuesday’s European session. In doing so, the bright metal pokes lower line of an upward-sloping trend channel from March 16.
It’s worth noting, however, that steady RSI (14) line joins the 100-Hour Moving Average (HMA) to restrict short-term Silver price downside.
Should the quote breaks the $23.00 support, also remain comfortably below the 100-HMA support surrounding $22.95, then the XAG/USD bears could challenge the last defense of the buyers, namely the 200-HMA level of $22.55.
In a case where the Silver price remains bearish past $22.55, a fortnight-long horizontal support area near $21.50 will gain the market’s attention.
On the flip side, recovery moves need validation from $23.30 to challenge the monthly high of $23.52.
Following that, the top line of an aforementioned bullish channel, close to $23.85, could restrict the bright metal’s further advances. It should be observed that the Silver price run-up beyond $23.85 enables the bulls to challenge the YTD tops marked in February around $24.65.
To sum up, Silver price is likely to decline further even if the road toward the south appears long and bumpy.
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