Silver Price Analysis: Sellers remain hopeful unless crossing $24.35

• Silver remains on the back foot inside a short-term rising wedge bearish chart pattern.
• Wedge’s resistance line, 200-SMA offers a tough challenge to buyers.
• Monthly support line adds to the downside filters.

Silver (XAG/USD) keeps the previous day’s pullback below 200-SMA around $23.90, down 0.06% intraday, during Friday’s Asian session.

Despite failures to cross the key SMA hurdle, not to forget the resistance line of a fortnight-old rising wedge chart pattern, silver sellers have a bumpy road ahead.

At first, the support line of the stated bearish formation, near $23.77, will challenge the metal’s intraday downside. Following that, an upward sloping trend line from early August will act as an extra challenge for the bears around $23.55.

It should be noted that a clear downside break of $23.55 won’t resist challenging the yearly low near $22.15 while the August 20 swing low around $22.85 can offer an intermediate halt during the fall.

Meanwhile, a convergence of 200-SMA and the stated wedge’s upper line near $24.35 becomes a tough nut to crack for the XAG/USD buyers to break.

Following that, a 61.8% Fibonacci retracement of the early August month’s fall, near $24.55, will add filters to the metal’s rally towards the $25.00 round figure.

Silver: Four-hour chart

Trend: Further weakness expected