#XAGUSD @ 18.124 Silver price remains pressured at multi-day low, breaks 11-week-old horizontal support., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• Silver price remains pressured at multi-day low, breaks 11-week-old horizontal support.
• Bearish MACD signals, the absence of oversold RSI add strength to the downside bias.
• 50-DMA, three-month-long descending resistance line challenge buyers.

The pair currently trades last at 18.124.

The previous day high was 18.79 while the previous day low was 18.32. The daily 38.2% Fib levels comes at 18.61, expected to provide resistance. Similarly, the daily 61.8% fib level is at 18.5, expected to provide resistance.

Silver price (XAG/USD) takes offers to refresh the three-week low, reversing the previous day’s corrective bounce, as bears poke $18.00 during early Wednesday morning in Europe.

In doing so, the bright metal breaks a horizontal area comprising multiple levels marked since early June amid bearish MACD signals. Also keeping the sellers hopeful is the downward sloping RSI (14) line, not oversold.

With this, the XAG/USD sellers are all set to challenge the yearly low marked earlier in the month around $17.55.

However, the likely oversold RSI and the 61.8% Fibonacci Expansion (FE) of the metal’s June-September moves, near $16.90, could challenge the silver bears afterward.

Meanwhile, recovery moves may have to stay firmer beyond the support-turned-resistance area surrounding $18.20-30.

Following that, a run-up towards the 50-DMA hurdle of $19.30 can’t be ruled out. Though, a downward sloping resistance line from early June, near $19.80, precedes the $20.00 threshold to test the XAG/USD buyers afterward.

Trend: Further downside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 18.11 at the time of writing. Pair opened at 18.39 and is trading with a change of -1.52% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 18.85, 50 SMA 19.29, 100 SMA @ 20.12 and 200 SMA @ 22.02.

The previous day high was 18.79 while the previous day low was 18.32. The daily 38.2% Fib levels comes at 18.61, expected to provide resistance. Similarly, the daily 61.8% fib level is at 18.5, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 18.21, 18.03, 17.75
• Pivot resistance is noted at 18.68, 18.97, 19.14

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