Bears in the XAG/USD pair are testing $23.50 in Silver Price Analysis

As early Thursday morning approaches, the silver price (XAG/USD) remains low at $23.55 as bears probe the monthly support line. Notable is the fact that the shiny metal dropped the most in two weeks the day before.

Given the metal's prolonged fall below the prior support line from December 16 and the bearish MACD signals, the XAG/USD price is likely to breach the immediate support line near $23.50.

However, a two-week-old horizontal range including the 100-SMA, between $23.35 and $23.45, appears difficult for silver bears to penetrate.

If the commodities price breaks the $23.35 support, it is not impossible to see a decline to $23.00.

After that, the market will focus on the mid-month swing low of $22.55 and the monthly bottom around $22.00.

In the meantime, recovery moves may initially target the two-year-old support-turned-resistance line close to the $24.00 round number before aiming for the double peaks surrounding $24.30.

However, it should be highlighted that the XAG/USD rise above $24.30 will not hesitate to approach the $25.00 round number. However, April's peak around $26.25 could pose a threat to Silver buyers in the future.

Overall, the Silver price is likely to stay bearish, but further declines are contingent on a breach below $23.35.