Silver Price Analysis: XAG/USD’s recovery remains capped below $24

• Silver bulls face exhaustion after the $1 recovery.
• XAG/USD fails to sustain above the 200-HMA.
• Hourly RSI swings back into the bearish zone below 50.0

Silver (XAG/USD) is testing the 21-hourly Simple Moving Average (HMA) resistance-turned-support at $23.54, having faced rejection above the 200-HMA at $23.67 on a couple of occasions.

The spot continues to find stiff resistance despite the solid recovery carved out so far this Wednesday from below the $23 level.

The hourly Relative Strength Index (RSI) has dropped back below the midline, 50.00 levels, suggesting that the recovery is losing momentum.

Therefore, a break below the 21-HMA could prompt the sellers to return, in a bid to test Tuesday’s low at $22.87.

Alternatively, acceptance above 200-HMA is critical for the bulls to take on the horizontal 100-HMA resistance at $23.89. Subsequently, a breakthrough $24 mark will become inevitable.

XAG/USD: Hourly chart

XAG/USD: Additional levels