#XAGUSD @ 21.911 Silver price retreats from five-month high but stays beyond the key resistance, now support., @nehcap view: Limited downside expected (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• Silver price retreats from five-month high but stays beyond the key resistance, now support.
• Overbought RSI suggests further pullback but bears should wait for $21.45 breakdown for clarity.
• An eight-month-old resistance line appears the key hurdle for XAGUSD buyers to tackle.

The pair currently trades last at 21.911.

The previous day high was 22.09 while the previous day low was 21.3. The daily 38.2% Fib levels comes at 21.79, expected to provide support. Similarly, the daily 61.8% fib level is at 21.6, expected to provide support.

Silver price (XAGUSD) renews its intraday low near $21.90 as bulls run out of steam around a five-month high during Tuesday’s Asian session.

Even so, the bright metal stays beyond the convergence of the 200-DMA and the previous resistance line from early August, near $21.45, which in turn challenges the metal’s downside move.

It’s worth observing, however, that the overbought conditions of the RSI (14) direct XAGUSD towards the aforementioned key support confluence, previous resistance.

It should be noted that the tops marked in October and August, respectively near $21.25 and $20.85, could also probe the silver bears before giving them control.

On the flip side, recovery moves need to refresh the multi-day high, currently around $22.10, to lure the XAGUSD bears.

Following that, a downward-sloping resistance line from March, around $22.50, will be crucial to welcome the metal bulls.

Should the quote remains firmer past $22.50, the odds of witnessing a run-up toward March’s low near $24.00 can’t be ruled out.

Overall, the silver price is likely to remain pressured but the downside appears limited and bumpy unless the quote stays beyond $20.85.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 21.91 at the time of writing. Pair opened at 21.98 and is trading with a change of -0.32% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 19.96, 50 SMA 19.56, 100 SMA @ 19.48 and 200 SMA @ 21.47.

The previous day high was 22.09 while the previous day low was 21.3. The daily 38.2% Fib levels comes at 21.79, expected to provide support. Similarly, the daily 61.8% fib level is at 21.6, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 21.49, 21.0, 20.7
• Pivot resistance is noted at 22.28, 22.58, 23.07

[/s2If]
Join Our Telegram Group