Silver Price Analysis: XAG/USD keeps pullback from 100-EMA around $22.50

• Silver remains on the back foot inside a bearish set-up.
• Ascending triangle, sustained trading below key EMAs favor bears.
• Three-week-old horizontal area becomes the key hurdle to the north, monthly resistance-turned-support adds to the downside filters.

Despite bouncing off intraday low, silver (XAG/USD) prints the 0.10% intraday loss around $22.57 during Friday’s Asian session.

The bright metal refreshed weekly top the previous day before stepping back from 100-EMA. Even so, the commodity remained inside a one-week-old ascending triangle, a bearish chart pattern. It’s worth noting that descending Momentum line adds to the bearish bias for the quote.

That said, the stated triangle’s support line near $22.30 acts as an immediate target for sellers ahead of the previous resistance line from early September, around $21.70.

In a case where the XAG/USD prices drop below $21.70, the yearly low of $21.40 and the $21.00 threshold will be in focus.

Alternatively, an upside clearance of the 100-EMA, close to $22.68 by the press time, needs to cross the triangle’s upper line figure of $22.81 to probe the bears.

However, silver buyers will wait for a clear run-up past the $23.10-15 area comprising 200-EMA and tops marked since September 17.

Silver: Four-hour chart

Trend: Further weakness expected