Silver Price Analysis: XAG/USD treads water above $24.00

• Silver looks for a clear direction inside one-week-old ascending triangle.
• Sustained trading above 200-HMA keeps buyers hopeful.

Silver prices seesaw near $24.15 during early Monday. In doing so, the white metal attacks the upper line of a short-term ascending triangle established since last Wednesday.

Although repeated failures to cross the triangle resistance lure silver sellers, successful trading above 200-HMA keeps the bulls positive.

However, a clear break above $24.35 becomes necessary for the white metal buyers to target the mid-November top near $25.10.

Alternatively, a downside break of the triangle’s support, at $23.90 now, confirms that bearish move towards the previous Monday’s top near $22.75.

During the downside, the 200-HMA level of $23.43 and the $23.00 round-figure may offer intermediate stops.

Silver hourly chart

Trend: Sideways