#XAGUSD @ 18.964 Silver price snaps five-day losing streak while bouncing off fortnight low., @nehcap view: Further weakness expected (Pivot Orderbook analysis)

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• Silver price snaps five-day losing streak while bouncing off fortnight low.
• MACD, RSI suggest further recovery but the key SMAs challenge upside momentum.
• Six-week-old support line lures the bears unless the quote rises past $19.50.

The pair currently trades last at 18.964.

The previous day high was 19.31 while the previous day low was 18.46. The daily 38.2% Fib levels comes at 18.79, expected to provide support. Similarly, the daily 61.8% fib level is at 18.99, expected to provide resistance.

Silver price (XAG/USD) prints the first daily gain in six while keeping the previous day’s rebound near $19.00 during early Friday morning in Europe. In doing so, the bright metal seesaws around the 61.8% Fibonacci retracement level of September-October upside, recently retreating from the intraday high.

It’s worth noting that the impending bull cross on the MACD and the RSI’s latest recovery from the oversold territory keeps the buyers hopeful. However, the 200-SMA and the 100-SMA challenge the metal’s short-term upside near $19.15 and $19.50 respectively.

Even if the XAG/USD rises past $19.50, the bulls will have a tough task crossing a one-month-old resistance area between $19.95 and $20.00.

Meanwhile, pullback moves may initially aim for the latest swing low surrounding $18.45 ahead of challenging an upward-sloping support line from September 01, close to $18.20.

Following that, $17.95 and the previous monthly low of $17.56 should lure the silver bear.

To sum up, XAG/USD remains on the bear’s table even if the prices witness a corrective bounce of late.

Trend: Further weakness expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 18.96 at the time of writing. Pair opened at 18.89 and is trading with a change of 0.37 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 19.49, 50 SMA 19.36, 100 SMA @ 19.89 and 200 SMA @ 21.83.

The previous day high was 19.31 while the previous day low was 18.46. The daily 38.2% Fib levels comes at 18.79, expected to provide support. Similarly, the daily 61.8% fib level is at 18.99, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 18.46, 18.03, 17.61
• Pivot resistance is noted at 19.32, 19.74, 20.17

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