#XAGUSD @ 19.360 Silver price takes offers to reverse the previous day’s gains., @nehcap view: Further weakness expected (Pivot Orderbook analysis)

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• Silver price takes offers to reverse the previous day’s gains.
• Clear break of one-week-old ascending trend line, bearish MACD signals favor XAG.USD sellers.
• Bulls need to cross the $19.65 hurdle to retake control.

The pair currently trades last at 19.360.

The previous day high was 19.7 while the previous day low was 19.24. The daily 38.2% Fib levels comes at 19.52, expected to provide resistance. Similarly, the daily 61.8% fib level is at 19.41, expected to provide resistance.

Silver price (XAG/USD) renews intraday low near $19.35 amid the initial hour of Thursday’s European session.

In doing so, the bright metal justifies the downside break of a weekly support line, now resistance around $19.60. Also keeping the bears hopeful are the downbeat MACD signals and the descending RSI (14), not oversold.

It should be noted, however, that the 100-HMA level near $19.30 tests the XAG/USD sellers before directing them to the $19.00 threshold.

Following that, the 200-HMA, close to $18.80 by the press time, could gain the metal bear’s attention.

On the flip side, a downward sloping resistance line from Monday, close to $19.65 at the latest, restricts the short-term rebound of the silver prices. Also acting as an upside filter is the $20.00 threshold.

In a case where the XAG/USD rises past $20.00, it could quickly rise towards the previous monthly top surrounding $20.90 and then to the $21.00 threshold.

To sum up, silver price returns to the bear’s table after the previous day’s failed attempt to lure buyers.

Trend: Further weakness expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 19.35 at the time of writing. Pair opened at 19.63 and is trading with a change of -1.43% % .

The pair is trading above its 20 Daily moving average @ 18.79, above its 50 Daily moving average @ 19.25 , below its 100 Daily moving average @ 20.41 and below its 200 Daily moving average @ 22.16

The previous day high was 19.7 while the previous day low was 19.24. The daily 38.2% Fib levels comes at 19.52, expected to provide resistance. Similarly, the daily 61.8% fib level is at 19.41, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 19.35, 19.07, 18.89
• Pivot resistance is noted at 19.81, 19.98, 20.26

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