#XAGUSD @ 22.238 Silver price snaps two-day downtrend after printing bullish candlestick the previous day., @nehcap view: Recovery expected (Pivot Orderbook analysis)

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• Silver price snaps two-day downtrend after printing bullish candlestick the previous day.
• Rebound from 10-day EMA, bullish MACD signals also keep the XAG/USD buyers hopeful.
• Monthly bullish channel keeps also favors silver bulls, $21.60 holds the key to bear’s entry.

The pair currently trades last at 22.238.

The previous day high was 22.61 while the previous day low was 22.03. The daily 38.2% Fib levels comes at 22.25, expected to provide resistance. Similarly, the daily 61.8% fib level is at 22.39, expected to provide resistance.

Silver price (XAG/USD) picks up bids to $22.25 as it justifies the previous day’s bullish candlestick formation during early Wednesday. In doing so, the bright metal also bounces off the 10-day Exponential Moving Average (EMA).

It’s worth noting that the bullish MACD signals and a one-month-old ascending trend channel also keep the XAG/USD buyers hopeful.

That said, the $23.00 round figure and the latest peak surrounding $23.50 lure the Silver buyers of late.

Following that, the upper line of the aforementioned bullish channel, close to $23.70 by the press time, could challenge the XAG/USD upside.

In a case where the commodity prices rally beyond $23.70, March month’s low near $24.00 could act as the last defense of the silver bears.

On the flip side, the 10-day EMA restricts the immediate downside of the Silver around the $22.00 round figure.

However, a convergence of the 21-day EMA and the stated bullish channel’s lower line, around $21.60, appears a tough nut to crack for the Silver bears.

Should the metal price break the $21.60 support confluence, October’s high near $21.25 might act as the validation point for the metal’s further downside.

Trend: Recovery expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 22.24 at the time of writing. Pair opened at 22.2 and is trading with a change of 0.18% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 21.62, 50 SMA 20.38, 100 SMA @ 19.83 and 200 SMA @ 21.3.

The previous day high was 22.61 while the previous day low was 22.03. The daily 38.2% Fib levels comes at 22.25, expected to provide resistance. Similarly, the daily 61.8% fib level is at 22.39, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 21.95, 21.7, 21.37
• Pivot resistance is noted at 22.53, 22.86, 23.11

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