Silver price (XAG/USD) drops to $24.95, printing the first intraday loss, so far, in three during early Monday. In doing so, the bright metal extends late Friday’s U-turn from the 100-bar Simple Moving Average (SMA).
Given the steady RSI (14) line also favoring the XAG/USD’s latest weakness, the metal price can witness further downside towards an upward-sloping support line from the last Thursday, close to $24.85 by the press time.
Should the Silver price breaks the immediate support, a horizontal area comprising multiple lows marked since early April, near $24.55-50, will precede the 200-SMA level of near $24.10 to challenge the XAG/USD bears.
In a case where the bullion price remains weak past $24.10, the $24.00 round figure may act as the last defense of the buyers.
Meanwhile, the 100-SMA level of around $25.15 guards the short-term Silver price recovery.
Following that, a fortnight-old descending resistance line near $25.25 will be important to watch as a clear upside break of the same can open the doors for the metal’s rally towards the latest multi-month high, marked in April around $26.10.
Overall, Silver price is likely to witness further declines but the room towards the south appears limited.
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