Silver Price Analysis: XAG/USD prints three-day losing streak above $24.00

Silver prices ease to $24.22, down 0.37% on a day, during the initial trading session on Thursday. The white metal has been stepping backward from ever since it surged to the highest since in seven years on Tuesday. Also increasing the odds of the bullion’s further weakness is overbought RSI conditions and a short-term lower high pattern. Though, bullish MACD keeps restricting the bears’ entries.

As a result, sellers are likely to wait for further confirmation and may cheer downside break of $24.00 to aim for $23.30, comprising Wednesday’s low and last Thursday's high. Following that, lows marked on Tuesday and July 23 could challenge further declines around $22.30/25.

Meanwhile, $25 and $26.00 may offer immediate upside barriers during the metal’s fresh rise ahead of the latest multi-year high of $26.20.

If the bulls remain dominant past-$26.20, low of April 04, 2013, around $26.65 will become the buyers’ favorite.

Silver daily chart

Trend: Pullback expected

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