Silver retreats further from a multi-month high and declines for the second day. The configuration still favors bulls and allows some dip-buying to materialize. A decisive breach below the $23.00 confluence is required to contradict the upbeat forecast.

Silver continues to see selling pressure for the second straight day on Thursday, extending the previous day’s retracement decline from an eight-month high. Throughout the first half of the European session, the white metal declined and is presently trading in the $23.80-$23.75 range.

Any further decline from the present levels is expected to encounter some support around the $23.55–$23.50 region. A little follow-through selling will reveal the $23.00 confluence, which consists of the 4-hour chart’s 100-period SMA and an ascending trendline starting from the bottom of November. The handle above ought to serve as a solid foundation and essential pivot point to choose the next leg of a directional move for the Silver Price.

Though they have been losing momentum, oscillators on the 4-hour chart are still maintaining in the positive zone. Additionally, the possibility of some dip-buying around the confluence mentioned above support is supported by favorable technical indications on the daily chart. The optimistic view will be invalidated by a decisive breach below, which would turn the tide in favor of bearish traders.

The XAG/USD might become susceptible and sharply decline toward testing the $22.00 round-figure level, with some short-term support close to the $22.55–$22.50 horizontal zone. The Silver Price should go over the $24.60-$24.70 range with further strength, paving the door for more short-term gains and enabling bulls to strive to regain the $25.00 psychological level.

4-hour silver chart