Silver is expected to extend its intraday gains past the $24.00 mark

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Silver aims to extend its intraday upward momentum past the $24.00 level.

Silver regains upward momentum and reverses a portion of Friday's fall from a one-week high.

The technical picture remains bullish, implying that further increases are possible.

A convincing break below a multi-month-old ascending trend-line will demolish the bullish outlook.

On the first day of a new week, silver (XAG/USD) attracts some dip-buying near $23.70 and builds on its steady intraday advance moving into the European session. The white metal has risen to $24.00 in the last hour, continuing its recent good rebound from the mid-$22.00s, or a near one-month low seen last week.

Technically, the XAG/USD showed some durability below last week, defending an upward-sloping trend line stretching from the October swing bottom. Bullish traders benefit from the ensuing strength and acceptance over the critical 200-day Simple Moving Average (SMA). Furthermore, oscillators on the daily chart have begun to generate upward traction, supporting the odds for a further upward surge.

On the other hand, any major drop may continue to attract buyers at the 200-day SMA, which is now around $23.55. However, some follow-through selling might make the XAG/USD susceptible, accelerating the decline back towards the $23.00 level. The latter is approaching the aforementioned rising trend-line support, which if firmly broken will negate the positive view and move the bias to bearish traders.