#XAGUSD @ 19.136 Silver price remains sidelined after bouncing off 10-DMA., @nehcap view: Limited recovery expected (Pivot Orderbook analysis)

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• Silver price remains sidelined after bouncing off 10-DMA.
• Bullish MACD signals, firmer RSI keeps buyers hopeful but upside remains elusive below the descending resistance line from June.
• Multiple supports to test bears before the yearly low.

The pair currently trades last at 19.136.

The previous day high was 19.67 while the previous day low was 19.11. The daily 38.2% Fib levels comes at 19.32, expected to provide resistance. Similarly, the daily 61.8% fib level is at 19.46, expected to provide resistance.

Silver price (XAG/USD) seesaw around $19.15-20 during early Friday morning in Europe, fading the early Asian session bounce off the 10-DMA.

The bright metal’s latest inaction could be linked to the inability to cross the 50-DMA hurdle, around $19.25 by the press time. Even so, the bullish MACD signals and firmer RSI (14), keep the XAG/USD bulls hopeful.

That said, a downward sloping resistance line from June, around $19.90, appears a tough nut to crack for the bulls.

Following that, the 100-DMA level surrounding $20.35 acts as the last defense for the XAG/USD bears before directing the price towards the previous monthly peak near $20.90 and then to the $21.00 threshold.

Alternatively, pullback moves may initially aim for the 10-DMA support level of $18.90 before directing sellers towards the multiple supports around $18.25 and $18.10.

In the case where silver sellers keep reins past $18.10, the $18.00 round figure and the yearly bottom near $17.55 will be in focus.

Trend: Limited recovery expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 19.16 at the time of writing. Pair opened at 19.17 and is trading with a change of -0.05% % .

The pair is trading above its 20 Daily moving average @ 18.77, below its 50 Daily moving average @ 19.25 , below its 100 Daily moving average @ 20.37 and below its 200 Daily moving average @ 22.14

The previous day high was 19.67 while the previous day low was 19.11. The daily 38.2% Fib levels comes at 19.32, expected to provide resistance. Similarly, the daily 61.8% fib level is at 19.46, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 18.97, 18.76, 18.41
• Pivot resistance is noted at 19.52, 19.87, 20.07

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