Silver Price Analysis: Bearish MACD defies XAG/USD pullback from monthly low

• Silver prices gain 1.0%, attack intraday high, while snapping a two-day-old losing streak.
• 21-day EMA, weekly resistance line guard immediate upside.
• Sellers keep September low on radars below $25.00.

Silver takes the bids near $23.50, up 1.20% intraday, during the early Friday. The white metal dropped to the lowest since September 28 the previous day before bouncing off $22.58. The following recovery presently confronts 23.6% Fibonacci retracement of August-September downside.

However, the MACD histogram remains red for the second day and flashes the most bearish signals in three weeks while probing the corrective pullback.

Further, a confluence of 21-day EMA and a falling trend line from October 21, currently around $24.25/30, limits the metal’s immediate upside. If at all the commodity prices cross $24.30, a falling trend line from August 07, at 24.97 now, will challenge the bulls afterward.

Meanwhile, the $23.00 round-figure can offer nearby support to silver traders ahead of directing them to question Thursday’s low of $22.58.

Although there are multiple rests around $22.50 to probe silver bears past-$22.58, any more weakness might not refrain from targeting the September month’s bottom surrounding $21.65.

Silver daily chart

Trend: Bearish