- Silver prices look to extend the slide as they cling to the 21-day SMA.
- The XAG / USD has broken a symmetrical triangle on the daily chart.
- The drop looks more convincing amid a bearish RSI.
Silver (XAG / USD) is moving within a familiar range on Wednesday, defending the $ 24 level as bears look to extend control in the short term.
XAG / USD is clinging to the 21-day moving average at $ 24.25, waiting for a new catalyst to resume the move lower.
It is worth noting that the price broke a symmetrical triangle pattern on the daily chart last Monday, having closed the day below the support of the uptrend line (pattern), at $ 24.51.
In a new selloff, the white metal is likely to test the 100-day SMA support at $ 23.41. A break below this level could expose the September 24 low at $ 21.65.
The daily RSI is lower, below the midline at 46.81 points, pointing towards a further decline.
Looking up, a move above the support of the now-turned-resistance pattern at $ 24.76 could trigger a pullback towards the $ 25 level.
XAG / USD daily chart
Credits: Forex Street
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