#XAGUSD @ 19.061 Silver price pares intraday losses at the lowest level in one week., @nehcap view: Bearish (Pivot Orderbook analysis)

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• Silver price pares intraday losses at the lowest level in one week.
• Weekly resistance line, bearish MACD signals challenge recovery moves.
• Oversold RSI, 61.8% Fibonacci retracement challenges immediate downside.

The pair currently trades last at 19.061.

The previous day high was 19.72 while the previous day low was 19.07. The daily 38.2% Fib levels comes at 19.32, expected to provide resistance. Similarly, the daily 61.8% fib level is at 19.47, expected to provide resistance.

Silver price (XAG/USD) pauses the bearish momentum around a weekly low, following a three-day downtrend, as the 200-SMA joins nearly oversold RSI (14) to challenge bears. Even so, the quote struggles to defend the $19.00 threshold during Wednesday’s Asian session.

In doing so, the bright metal takes clues from the bearish MACD signals while also portraying the failure to cross a weekly descending trend line.

In addition to the 200-SMA level surrounding $19.00, the 61.8% Fibonacci retracement level of September-October upside, near $18.95, also challenges the XAG/USD bears.

If the commodity prices decline below $18.95, the odds of witnessing a slump toward a six-week-old support line near $18.20 can’t be ruled out.

Alternatively, recovery needs to cross the weekly resistance line, close to $19.50 at the latest, to convince the short-term silver buyers.

Even so, a one-month-old horizontal resistance area around $20.00 could challenge the XAG/USD upside.

Overall, the silver price may witness a corrective bounce but the bearish trend is likely to prevail.

Trend: Bearish

Technical Levels: Supports and Resistances

XAGUSD currently trading at 19.13 at the time of writing. Pair opened at 19.15 and is trading with a change of -0.10% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 19.54, 50 SMA 19.4, 100 SMA @ 19.95 and 200 SMA @ 21.87.

The previous day high was 19.72 while the previous day low was 19.07. The daily 38.2% Fib levels comes at 19.32, expected to provide resistance. Similarly, the daily 61.8% fib level is at 19.47, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 18.9, 18.66, 18.25
• Pivot resistance is noted at 19.56, 19.97, 20.22

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