Silver Price Analysis: XAG/USD breaks below a bearish-flag pattern, targets $22.10

• Silver recovers after reaching a monthly low of $23.38. 
• XAG/USD bearish-flag pattern has been broken to the downside, thus keeping the bears in control.
• The precious metal targets 2021 low at $22.10.

XAG/USD dipped to a fresh monthly low at $23.38 but bounced off that level and is trading at $23.75 at the time of writing, barely unchanged in the session.

In the daily chart, the price action shows that the white metal is trading well below the daily moving averages, confirming its downward trend. Additionally, silver broke down below the bottom trendline of a bearish-flag pattern, supporting the selling bias. 

The first support level on the way down would be September 10 low at $23.72. A daily close below the latter could expose $23.00. Once that level is cleared, the next barrier will be 2021 low at $22.10.

On the flip side, a daily close above $24.30 is required for silver bulls to equilibrate forces with the bears. Once this is achieved, the first supply zone on the way up would be the 50-day moving average (DMA) at $24.62. If the bulls can push XAG/USD price above that level, the following resistances would be $25.00 and the August 4 high at $26.00.

The Relative Strength Index is at 43.82, supporting the downtrend, with room for further losses before reaching the oversold levels.