Silver Price Analysis: XAG/USD prints inverse head-and-shoulders on 1H

• Silver prints mild gains while piercing 50% Fibonacci retracement of October 06-12 upside.
• 100-HMA offers immediate resistance ahead of confirming the bullish chart pattern on hourly (1H) formation.
• 61.8% Fibonacci Retracement, Thursday’s low can challenge the bears.

Silver tries to keep the day-start gains while taking rounds to $24.20, up 0.22% intraday, during Monday’s Asian session. In doing so, the white metal pierces the 50% Fibonacci retracement level of the early-October upside.

While the upbeat RSI conditions favor the bullion’s further recovery towards the 100-HMA level of $24.32, its additional rise will be tamed by the neckline of the inverse head-and-shoulders patterns, at $24.50 now.

Should silver bulls manage to cross $24.50, the upside favoring chart play can propel the quote towards the $25.00 threshold ahead of challenging the monthly top near $25.55.

Alternatively, the $24.00 round-figure can offer immediate support ahead of the 61.8% Fibonacci retracement level of $23.90.

Also acting as the key supports below $23.90 are Thursday’s low near $23.57 and the monthly bottom surrounding $23.05.

Silver hourly chart

Trend: Pullback expected