#XAGUSD @ 19.357 Silver price struggles to extend the previous day’s pullback from a monthly top., @nehcap view: Recovery expected (Pivot Orderbook analysis)

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• Silver price struggles to extend the previous day’s pullback from a monthly top.
• Bullish MACD signals, 50-DMA challenge the XAG/USD bears.
• 100-DMA restricts short-term upside, two-month-old horizontal area acts as an extra filter to the south.

The pair currently trades last at 19.357.

The previous day high was 19.95 while the previous day low was 19.33. The daily 38.2% Fib levels comes at 19.57, expected to provide resistance. Similarly, the daily 61.8% fib level is at 19.71, expected to provide resistance.

Silver price (XAG/USD) remains sidelined at around $19.30 as the 50-DMA restricts the immediate downside of the metal on Wednesday morning in Europe. In doing so, the bright metal fades the previous day’s pullback from the monthly high of around $20.00.

That said, the bullish MACD signals and the failure to break the 50-DMA support near $19.25 challenge XAG/USD sellers.

Also acting as a downside filter is the horizontal area comprising multiple levels marked since mid-July, close to $18.40.

If at all, the silver price remains bearish past $18.40, the odds of witnessing a run-down towards the yearly low of $17.55 can’t be ruled. In a case where XAG/USD stays weak past $17.55, a downward sloping support line from May, near $16.00, will be in focus.

Meanwhile, the quote’s recovery moves could target the fresh monthly high, currently around $20.00, before challenging the 100-DMA hurdle surrounding $20.40.

During the XAG/USD advances beyond $20.40, the previous monthly top around $20.90 and June’s high of $22.51 should lure the commodity buyers.

Overall, the silver price remains sluggish but the bulls have higher odds of taking control.

Trend: Recovery expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 19.34 at the time of writing. Pair opened at 19.33 and is trading with a change of 0.05% % .

The pair is trading above its 20 Daily moving average @ 18.8, above its 50 Daily moving average @ 19.24 , below its 100 Daily moving average @ 20.45 and below its 200 Daily moving average @ 22.17

The previous day high was 19.95 while the previous day low was 19.33. The daily 38.2% Fib levels comes at 19.57, expected to provide resistance. Similarly, the daily 61.8% fib level is at 19.71, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 19.13, 18.92, 18.51
• Pivot resistance is noted at 19.74, 20.15, 20.36

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