Silver Price Analysis: XAG/USD sellers look for entry below $24.40

• Silver seesaws in a choppy range after bouncing off $24.36.
• 21-day, 100-day SMA joins monthly support line to challenge the bears.
• Normal RSI conditions suggest no change in recovery moves.

Silver wobbles around to $24.50 amid Wednesday’s Asian session. In doing so, the white metal keeps the latest trading range between $24.45 and $24.52. The bullion earlier bounced off a confluence of 21-day and 100-day SMA coupled with an upward sloping trend line from October 29.

Although a falling trend line from September 01 challenges the commodity buyers, not to forget recent weakness spotted by failures to cross $25.00, RSI condition back the continuation of corrective pullback.

As a result, intraday buyers may aim for the $25.00 threshold ahead of challenging the stated resistance line near $25.65. Also likely to challenge the silver bulls is the monthly peak of $26.00.

On the contrary, a downside break of $24.40 can quickly drag the quote towards November 09 low near $23.55 before directing silver sellers toward the monthly low around $23.20 and the $23.00 round-figure.

During the metal’s additional weakness past-$23.00, lows marked in October and September, respectively around $22.60 and $21.65, will be the key to watch.

Silver daily chart

Trend: Pullback expected