#XAGUSD @ 18.961 Silver price remains downbeat around two-week low, prints five-day losing streak., @nehcap view: Further weakness expected (Pivot Orderbook analysis)

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• Silver price remains downbeat around two-week low, prints five-day losing streak.
• MACD prints the strongest bearish signals, sustained break of 50-DMA adds strength to the downside bias.
• Multiple hurdle to the north challenge hopes for XAG/USD recovery.

The pair currently trades last at 18.961.

The previous day high was 19.32 while the previous day low was 18.87. The daily 38.2% Fib levels comes at 19.04, expected to provide resistance. Similarly, the daily 61.8% fib level is at 19.14, expected to provide resistance.

Silver price (XAG/USD) stays on the bear’s radar during the five-day downtrend as it flirts with the $19.00 mark during Thursday’s Asian session. In doing so, the bright metal justifies the strongest bearish MACD signals since early September while extending Tuesday’s downside break of the 50-DMA.

With this, the XAG/USD bears are all set to challenge an upward-sloping support line from September 01, around $18.80.

However, a horizontal area comprising multiple lows marked since June, between $18.25 and $18.35, appears a tough nut to crack for the metal sellers afterward.

In a case where XAG/USD sellers break the $18.25 support, the odds of witnessing a slump towards the yearly low marked the last month, close to $17.55, can’t be ruled out.

On the flip side, the silver price has multiple hurdles to the north even if it manages to cross the 50-DMA resistance level surrounding $19.35, which in turn disappoints the buyers.

That said, the 50% and 61.8% Fibonacci retracement level of June-September downside, around $20.00 and $20.60 in that order, precedes the metal’s run-up toward the monthly high of $21.24. Also acting as an upside filter is August month’s peak of $20.87.

Trend: Further weakness expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 18.98 at the time of writing. Pair opened at 19.02 and is trading with a change of -0.21% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 19.51, 50 SMA 19.38, 100 SMA @ 19.92 and 200 SMA @ 21.84.

The previous day high was 19.32 while the previous day low was 18.87. The daily 38.2% Fib levels comes at 19.04, expected to provide resistance. Similarly, the daily 61.8% fib level is at 19.14, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 18.82, 18.62, 18.37
• Pivot resistance is noted at 19.27, 19.52, 19.72

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