#XAGUSD @ 21.275 Silver price remains sidelined inside a two-week-old symmetrical triangle., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• Silver price remains sidelined inside a two-week-old symmetrical triangle.
• 200-HMA offers intermediate halt amid downbeat MACD, RSI signals.
• Bulls need validation from $21.70 to aim for a monthly high.

The pair currently trades last at 21.275.

The previous day high was 21.45 while the previous day low was 20.89. The daily 38.2% Fib levels comes at 21.24, expected to provide support. Similarly, the daily 61.8% fib level is at 21.11, expected to provide support.

Silver price (XAG/USD) fades the previous day’s recovery moves from a one-week low, taking rounds to $21.25-30 during Wednesday’s Asian session.

In doing so, the bright metal stays inside a fortnight-long symmetrical triangle while defending the previous day’s upside break of the 200-HMA.

It’s worth noting, however, that the bearish Moving Average Convergence and Divergence (MACD) signals and the downward-sloping Relative Strength Index (RSI) placed at 14, not oversold, seem to tease the bears.

A clear break of the 200-HMA support near $21.15 becomes necessary to tease the XAG/USD bears. Even so, the $21.00 round figures and lower line of the aforementioned triangle, around $20.95 by the press time, could challenge the bullion’s further downside.

In a case where the Silver price drops below $20.95, the November 07 low near $20.40 appears crucial for sellers as a break which could quickly direct the quote towards the monthly low of $18.83.

Meanwhile, recovery moves not only need to cross the stated triangle’s upper line, close to $21.50 at the latest, but also need validation from the $21.70 to convince the buyers.

Following that, a run-up towards the monthly top surrounding $22.25 can’t be ruled out.

Trend: Further downside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 21.24 at the time of writing. Pair opened at 21.24 and is trading with a change of 0.00% % .

The pair is trading above its 20 Daily moving average @ 21.08, above its 50 Daily moving average @ 20.02 , above its 100 Daily moving average @ 19.65 and below its 200 Daily moving average @ 21.34

The previous day high was 21.45 while the previous day low was 20.89. The daily 38.2% Fib levels comes at 21.24, expected to provide support. Similarly, the daily 61.8% fib level is at 21.11, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 20.94, 20.64, 20.38
• Pivot resistance is noted at 21.5, 21.76, 22.06

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