#XAGUSD @ 22.619 Silver price remains on pressured around intraday low after reversing from multi-day high., @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 remains on pressured around intraday low after reversing from multi-day high.
• Overbought RSI triggered pullback but bears need validation from three-week-old horizontal support.
• XAG/USD bulls will wait for clear break of two-month-old resistance line for re-entry.

The pair currently trades last at 22.619.

The previous day high was 22.78 while the previous day low was 22.04. The daily 38.2% Fib levels comes at 22.5, expected to provide support. Similarly, the daily 61.8% fib level is at 22.33, expected to provide support.

Silver price (XAG/USD) snaps a three-day uptrend as it retreats from the highest levels since early May, marked the previous day, to $22.60 on Friday.

Although the cautious mood ahead of the US employment report for November could be held responsible for the metal’s pullback, overbought RSI also teased intraday bears of the commodity. Furthermore, the failures to provide a sustained break of an upward-sloping resistance line from October add strength to the corrective moves.

However, a horizontal area comprising multiple levels marked since November 11, around the $22.00 threshold, restricts the short-term downside of the Silver price.

Following that, a monthly support line near $21.25 appears the last defense of the XAG/USD buyers.

In a case where the Silver price remains bearish past $21.25, the $21.00 and the late November lows near $20.60 should quickly return to the chart.

Meanwhile, sustained trading beyond the two-month-old ascending resistance line, close to $22.75 by the press time, appears necessary to convince the Silver buyers.

Even so, the $23.00 round figure and May’s high near $23.30 could act as extra filters to the north before giving control to the XAG/USD bulls.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 22.63 at the time of writing. Pair opened at 22.78 and is trading with a change of -0.66% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 21.39, 50 SMA 20.14, 100 SMA @ 19.72 and 200 SMA @ 21.32.

The previous day high was 22.78 while the previous day low was 22.04. The daily 38.2% Fib levels comes at 22.5, expected to provide support. Similarly, the daily 61.8% fib level is at 22.33, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 22.29, 21.8, 21.55
• Pivot resistance is noted at 23.03, 23.28, 23.77

[/s2If]
Join Our Telegram Group