SILVER PRICE ANALYSIS: FURTHER XAG/USD DOWNSIDE HINGES ON $24.85 BREAK

Silver price (XAG/USD) remains pressured at the $25.00 threshold, down for the third consecutive day during early Tuesday in Asia.

In doing so, the bright metal justifies the previous day’s downside break of a one-month-old ascending support line, now immediate resistance, while extending the pullback from a one-year high marked in the last week.

Apart from the trend line breakdown, an impending bear cross on the MACD indicator also keeps the XAG/USD sellers hopeful.

However, a resistance-turned-support line from early January, close to $24.85 by the press time, challenges the Silver bears at the latest.

Following that, tops marked in February and January, around $24.65 and $24.55 respectively, could challenge the XAG/USD bears before directing them to the 21-DMA support of around $24.15.

In a case where the Silver price remains bearish past $24.15, the odds of witnessing a slump toward March’s high of nearly $23.50 can’t be ruled out.

On the flip side, Silver price recovery needs validation from the previous support line from mid-March, close to $25.25 at the latest.

Should the commodity manages to remain firmer past $25.25, the late 2021 high near $25.40 and the latest peak of near $26.10 can act as extra checks for the XAG/USD bulls to cross before eyeing the April 2022 high of $26.