• Silver edges higher after snapping two-day downtrend, bouncing off monthly low.
  • Sluggish Momentum line, multiple hurdles to the north challenge bulls.
  • Five-week-old previous support adds to the upside filters, monthly horizontal support lures sellers.

Silver (XAG/USD) buyers attack one-week-old resistance, following the first daily positive closing in three. That said, the quote grinds higher around $23.85 during early Wednesday’s Asian session.

Despite bouncing off the lowest levels since late August, silver buyers lack firmer Momentum back-up to overcome the immediate hurdle around $24.00.

Even if the quote manages to cross the $24.00 mark, the support-turned-resistance line stretched from early August, near $24.20 will challenge the XAG/USD bulls. Also acting as an upside barrier is the monthly top of $24.86.

Meanwhile, pullback moves could aim for the weekly low, also the lowest level for September, near $23.35.

Following that, a horizontal area comprising multiple lows marked since August 12, near $23.00, will be in focus as it holds the key to the metal’s anticipated slump towards the yearly low of $22.16.

Silver: Four-hour chart

Trend: Pullback expected