#XAGUSD @ 19.335 Silver price pokes 50-DMA as traders reverse latest gains., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• Silver price pokes 50-DMA as traders reverse latest gains.
• Monthly support line adds to the downside filters.
• MACD, RSI hints at receding bullish bias, $18.30 appears a tough nut to crack for sellers.

The pair currently trades last at 19.335.

The previous day high was 19.92 while the previous day low was 19.24. The daily 38.2% Fib levels comes at 19.66, expected to provide resistance. Similarly, the daily 61.8% fib level is at 19.5, expected to provide resistance.

Silver price (XAG/USD) remains pressured around $19.30 while reversing the previous day’s upside momentum heading into Thursday’s European open. In doing so, the bright metal pokes the 50-DMA support while reversing from the downward-sloping resistance line from early June.

Not only the pullback from the key resistance line but the recent retreat of the RSI and the MACD line also keeps the XAG/USD sellers hopeful.

However, an upward sloping support line from September 01, around $19.20, could act as an extra challenge for the metal bears, in addition to the 50-DMA support of $19.30.

In a case where the quote breaks the $19.20 support, a quick fall towards the $19.00 can’t be ruled out.

Following that, a horizontal support area comprising multiple levels marked since mid-July, near $18.30-25, could act as the last defense of silver buyers.

Alternatively, recovery moves need to cross the aforementioned resistance line, at $19.90 by the press time, to convince buyers.

Even so, the monthly high near the $20.00 threshold and the previous month’s peak of $20.87 could challenge the XAG/USD upside afterward.

Trend: Further downside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 19.36 at the time of writing. Pair opened at 19.57 and is trading with a change of -1.07% % .

The pair is trading above its 20 Daily moving average @ 18.86, above its 50 Daily moving average @ 19.28 , below its 100 Daily moving average @ 20.24 and below its 200 Daily moving average @ 22.09

The previous day high was 19.92 while the previous day low was 19.24. The daily 38.2% Fib levels comes at 19.66, expected to provide resistance. Similarly, the daily 61.8% fib level is at 19.5, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 19.23, 18.9, 18.55
• Pivot resistance is noted at 19.91, 20.26, 20.59

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