Silver Price Analysis: XAG/USD retreats towards $25.00, bears stay hopeful

• Silver edges lower around weekly bottom, marked the previous day.
• Failures to cross 200-DMA, support-turned-resistance line favor sellers.
• Horizontal line from mid-March adds to the upside filters.

Silver remains on the back foot around $25.15, down 0.10% intraday, while taking rounds to the intraday low amid Friday’s Asian session.

The bright metal dropped to the lowest since July 29 the previous day while extending Wednesday’s pullback from 200-DMA and an eight-month-old earlier support line, now resistance.

The commodity’s weakness also takes clues from the downbeat RSI line, not oversold, signaling further declines toward the July 27 swing low near $24.50. Though, the $25.00 threshold may offer immediate support.

In a case where the silver sellers keep reins past $24.50, the yearly low marked in March around $23.77 will gain the market’s attention.

On the contrary, the previous support line and 200-DMA, respectively around $25.75 and $25.95, precede the $26.00 round figure to guard the quote’s short-term recoveries.

It should be noted, however, that silver bulls may remain cautious until crossing a horizontal area from March 18, near $26.65.

Silver: Daily chart

Trend: Further weakness expected