Silver price (XAG/USD) consolidates intraday losses, the second one in a row, around $23.90 as recovery moves approach the short-term key resistance lines during early European session on Tuesday.

In doing so, the XAG/USD defends the previous day’s rebound from the 100-Exponential Moving Average (EMA), as well as a one-week-long ascending trend line.

However, a downward-sloping resistance line and bearish MACD signals are acting as the immediate challenges for the Silver buyers to tackle if they wish to retake control.

Even if the quote rises past $24.00 adjacent trend line resistance, the monthly high of $24.20 and February’s peak near $24.70 can test the XAG/USD bulls before directing them to April 2022 high near $26.25.

On the contrary, pullback moves may initially aim for the ascending support line from the last Wednesday, around $23.80 at the latest, a break of which could highlight the 100-EMA level of $23.70.

Following that, ascending trend line from March 21 and the 200-EMA, respectively near $23.55 and $23.40 in that order, could challenge the Silver bears before giving them control.

Overall, Silver buyers appear to run out of steam but the bears have a long and bumpy road to travel before retaking the driver’s seat.