Silver consolidates recent losses near two-week low, hovers around intraday high of late.
Upbeat RSI, sustained U-turn from short-term key moving average favor buyers.
Previous support line from early February tests recovery moves, 200-DMA appears tough nut to crack for sellers.
Given the quotes successful bounce off the short-term DMA and the above-50 RSI line, XAG/USD may extend the latest rebound towards 50% Fibonacci retracement (Fibo.) of May-October 2021 downside, near $25.10.
However, the support-turned-resistance line from February 03, near $25.35 by the press time, will challenge the commodity bulls afterward.
Even if the silver buyers manage to cross the $25.35 hurdle, the 61.8% Fibo. will precede the monthly high, respectively around $25.95 and $26.95, to challenge the further upside.
Alternatively, a daily closing below the 21-DMA level of $24.90 will drag the XAG/USD prices to the 38.2% Fibonacci retracement level of $24.20.
Though, the 200-DMA, around $24.00 by the press time, will challenge the bullions additional declines.
Silver: Daily chart
