Silver Price Analysis: XAG/USD eyes further losses towards $24.00

• Silver extends pullback from six-week-old resistance line, refreshes intraday low.
• Bearish MACD signals favor declines towards 61.8% Fibonacci retracement.
• Two-day-old resistance line guards immediate upside.

Silver remains on the back foot around $24.10, down 0.50% intraday heading into Monday’s European session.

In doing so, the bright metal extends Thursday’s U-turn from an upward sloping resistance line from December 13.

The pullback moves gain support from the bearish MACD signals to direct silver bears towards the 61.8% Fibonacci retracement (Fibo.) level near $23.90.

However, the commodity’s further declines will be challenged by the 50-SMA surrounding $23.55.

Alternatively, fresh recovery needs to cross the immediate resistance line around $24.30 to recall silver buyers.

Even so, a bit broader resistance line near $24.80 and multiple levels marked during mid-November near $25.00 will challenge the XAG/USD buyers afterward.

Silver: Four-hour chart

Trend: Further declines expected