#XAGUSD @ 21.131 Silver price snaps three-day downtrend inside short-term triangle., @nehcap view: Limited recovery expected (Pivot Orderbook analysis)

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• Silver price snaps three-day downtrend inside short-term triangle.
• Bearish MACD signals keep sellers hopeful unless crossing $21.55 hurdle.
• Convergence of five-week-old ascending trend line, 50% Fibonacci retracement level appears the key support.

The pair currently trades last at 21.131.

The previous day high was 21.62 while the previous day low was 20.87. The daily 38.2% Fib levels comes at 21.16, expected to provide resistance. Similarly, the daily 61.8% fib level is at 21.33, expected to provide resistance.

Silver price (XAG/USD) renews its intraday high around $21.15 as buyers cheer the latest bounce off the 21-day Exponential Moving Average (EMA) during early Tuesday.

In doing so, the bright metal prints the first daily gains in four while staying inside a three-week-old symmetrical triangle formation, currently between $21.55 and $20.70.

That said, the bearish MACD signals keep the XAG/USD sellers hopeful but a downside break of the stated triangle’s support line near $20.70 becomes necessary to reject the latest recovery hopes.

Even so, a joins of the ascending trend line from October 20 and the 50% Fibonacci retracement level of the metal’s September-November upside, near $19.90, could challenge the Silver bears afterward.

In a case where Silver prices remain weak past $19.90, the odds of witnessing a slump toward the monthly low surrounding $18.85 can’t be ruled out.

On the flip side, recovery moves need validation from the stated triangle’s upper line, close to $21.55.

Following that, the previous weekly high of around $21.70 and the monthly top of $22.25 will gain the Silver buyer’s attention before June’s peak of $22.51.

Overall, the Silver price may witness further upside but the room towards the north appears limited.

Trend: Limited recovery expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 21.14 at the time of writing. Pair opened at 20.94 and is trading with a change of 0.96% % .

The pair is trading above its 20 Daily moving average @ 21.0, above its 50 Daily moving average @ 19.98 , above its 100 Daily moving average @ 19.62 and below its 200 Daily moving average @ 21.36

The previous day high was 21.62 while the previous day low was 20.87. The daily 38.2% Fib levels comes at 21.16, expected to provide resistance. Similarly, the daily 61.8% fib level is at 21.33, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 20.67, 20.39, 19.92
• Pivot resistance is noted at 21.41, 21.89, 22.16

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