Silver Price Analysis: XAG/USD sellers need validation from 200-HMA around $22.00

• Silver takes offers to renew intraday low, extends Friday’s pullback from three-week high.
• Short-term support line, 200-HMA tests bears as RSI (14) approaches oversold territory.
• Recovery remains elusive unless crossing a two-day-old resistance line.

Silver (XAG/USD) prices keep the week-start pullback as bears attack short-term key support during Tuesday’s Asian session. That said, the bright metal drops to $21.92 by the press time.

An upward sloping trend line from May 19 precedes the 200-HMA to restrict XAG/USD weakness around $21.90-85.

It’s worth noting that the RSI (14) is speedily approaching the oversold region and hence tease the corrective pullback before further downside.

The same highlights the aforementioned $21.90-85 support, which if failed to trigger silver’s rebound could direct the metal towards $21.60.

Following that, the 61.8% Fibonacci retracement (Fibo.) of May 13-27, around $21.20, could challenge the XAG/USD bears.

Alternatively, recovery moves will need to cross a downward sloping resistance line from Friday, near $22.00, to convince buyers.

In a case where the silver bulls keep reins past $22.00, the recent high surrounding $22.45 and weekly resistance line around $22.50 may gain the market’s attention.

Silver: Hourly chart

Trend: Limited downside expected