#XAGUSD @ 21.556 Silver price remains mildly bid at weekly top, prints three-day uptrend., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• Silver price remains mildly bid at weekly top, prints three-day uptrend.
• A clear break of 200-DMA, upbeat RSI (14) favor buyers to approach monthly top.
• Tops marked during October, August add to the downside filters.

The pair currently trades last at 21.556.

The previous day high was 21.6 while the previous day low was 20.91. The daily 38.2% Fib levels comes at 21.34, expected to provide support. Similarly, the daily 61.8% fib level is at 21.17, expected to provide support.

Silver price (XAG/USD) picks up bids to refresh weekly top around $21.60 during Thursday’s Asian session.

In doing so, the bright metal rises for the third consecutive day while justifying the previous day’s upside break of the 200-DMA. Also keeping the XAG/USD bulls hopeful is the firmer RSI (14) line, not overbought.

With this, the quote is all set to approach the monthly high surrounding the 50% Fibonacci retracement of the March-September downside, near $22.25.

However, June’s peak surrounding $22.50 might challenge the silver buyers afterward, if not then a run-up towards the 61.8% Fibonacci retracement level near $23.40, also known as the golden ratio, could lure the bulls.

On the flip side, a daily closing below the 200-DMA, near $21.40 by the press time, appears necessary to confirm a short-term downside.

Even so, highs marked during October and August, respectively near $21.25 and $20.85, quickly followed by the 21-DMA support near $20.75, could restrict the XAG/USD’s short-term downside.

It’s worth noting that May’s low near $20.45 acts as the last defense of silver buyers.

Trend: Further upside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 21.58 at the time of writing. Pair opened at 21.53 and is trading with a change of 0.23% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 20.7, 50 SMA 19.87, 100 SMA @ 19.56 and 200 SMA @ 21.39.

The previous day high was 21.6 while the previous day low was 20.91. The daily 38.2% Fib levels comes at 21.34, expected to provide support. Similarly, the daily 61.8% fib level is at 21.17, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 21.09, 20.65, 20.4
• Pivot resistance is noted at 21.78, 22.04, 22.48

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