#XAGUSD @ 19.282 Silver price picks up bids to reverse the week-start pullback from 100-DMA., @nehcap view: Limited upside expected (Pivot Orderbook analysis)

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• Silver price picks up bids to reverse the week-start pullback from 100-DMA.
• Impending bull cross on MACD, sustained bounce off 50-DMA lure buyers.
• Monday’s candlestick challenge upside moves unless offering a positive close beyond $19.65.

The pair currently trades last at 19.282.

The previous day high was 19.44 while the previous day low was 18.28. The daily 38.2% Fib levels comes at 19.0, expected to provide support. Similarly, the daily 61.8% fib level is at 18.73, expected to provide support.

Silver price (XAG/USD) regains upside momentum after a downbeat start as it again approaches the 100-HMA hurdle while picking up bids to $19.30 during Tuesday’s Asian session.

In doing so, the bright metal challenges the previous day’s bearish candlestick formation that needs validation from Tuesday’s close. That said, the looming bull cross on the MACD, as well as the successful U-turn from the 50-DMA, keeps the XAG/USD buyers hopeful.

Should the quote cross the 100-DMA hurdle near $19.65, the bearish hopes raised from the previous day’s candles wanes, which in turn propels the quote towards the $20.00 threshold.

However, multiple hurdles surrounding the 50% Fibonacci retracement of the commodity’s June-September moves, near $20.05, could challenge the XAG/USD bulls afterward, a break of which could quickly propel prices towards the 61.8% Fibonacci retracement level near $20.65.

Even so, the tops marked during August and October, respectively near $20.90 and $21.25, could challenge silver’s further upside.

Alternatively, pullback remains elusive beyond the 50-DMA support of $19.10.

Also acting as the key downside level is $18.35, comprising an upward-sloping support line from late August, a break of which won’t hesitate to refresh the yearly low.

Trend: Limited upside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 19.31 at the time of writing. Pair opened at 19.43 and is trading with a change of -0.62% % .

The pair is trading above its 20 Daily moving average @ 19.28, above its 50 Daily moving average @ 19.15 , below its 100 Daily moving average @ 19.69 and below its 200 Daily moving average @ 21.71

The previous day high was 19.44 while the previous day low was 18.28. The daily 38.2% Fib levels comes at 19.0, expected to provide support. Similarly, the daily 61.8% fib level is at 18.73, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 18.66, 17.9, 17.51
• Pivot resistance is noted at 19.82, 20.21, 20.97

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