Silver Price Analysis: XAG/USD struggles to justify Wednesday’s spinning top above $23.00

• Silver prints mild gains after bouncing off the two-month-old support line.
• Candlestick suggests traders’ indecisiveness unless breaking 100-day EMA.
• Sellers can eye October low following the support line break.

Silver prices rise to $23.39, up 0.39% intraday, amid Thursday’s Asian session. The white metal flashed a bullish spinning top, suggesting the traders’ indecision, the previous day as an upward sloping trend line from September 24 triggered corrective pullback from one month low.

However, silver buyers are waiting for a clear break above the 100-day EMA level of $23.57 to defy the candlestick formation and attack a two-week-old resistance line near $23.95.

It should, however, be noted that the $24.00 round-figure the mid-November high of $25.07 can offer intermediate halts between $23.95 and the monthly high of $26.00.

On the downside, a daily closing below the stated support line, at $23.30 will direct the silver sellers toward the $23.00 threshold.

Though, lows marked in October and September, respectively around $22.60 and $21.65, will challenge the commodity’s further weakness.

Silver daily chart

Trend: Pullback expected