#XAGUSD @ 23.230 Silver price renews intraday low during the first loss-making day in four., @nehcap view: Further downside expected (Pivot Orderbook analysis)
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- Silver price renews intraday low during the first loss-making day in four.
- Rising wedge, nearly overbought RSI adds strength to bearish bias.
- Convergence of previous resistance line, 21-DMA appears a tough nut to crack for XAG/USD bears.
The pair currently trades last at 23.230.
The previous day high was 23.69 while the previous day low was 22.96. The daily 38.2% Fib levels comes at 23.41, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.24, expected to provide resistance.
Silver price (XAG/USD) remains on the back foot as it refreshes intraday low near $23.30 during early Monday. In doing so, the bright metal defies the three-day winning streak by reversing from the highest levels since late April.
It’s worth noting that the overbought conditions of the RSI (14) and the quote’s failure to stay beyond the 61.8% Fibonacci retracement level of March-September downside, near $23.40, teases XAG/USD sellers. Also keeping the bears hopeful is the one-month-old rising wedge chart pattern.
That said, a clear downside break of $22.70 becomes necessary to confirm the bearish chart pattern, which in turn highlights the theoretical target of $19.10.
However, a convergence of the 21-DMA and the previous resistance line from March, around $21.90 by the press time, appears crucial support for the Silver bears to break before taking control. Also challenging the XAG/USD downside is the $20.00 threshold.
On the flip side, a daily closing beyond the 61.8% Fibonacci retracement level near $23.40 could lure short-term buyers of XAG/USD.
Following that, the upper line of the stated wedge, near the $24.00 round figure, could act as the last defense of the Silver bears before giving control to the commodity buyers.
Trend: Further downside expected
Technical Levels: Supports and Resistances
XAGUSD currently trading at 23.29 at the time of writing. Pair opened at 23.42 and is trading with a change of -0.56% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 23.29 |
| 1 | Today Daily Change | -0.13 |
| 2 | Today Daily Change % | -0.56% |
| 3 | Today daily open | 23.42 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 21.86, 50 SMA 20.62, 100 SMA @ 19.96 and 200 SMA @ 21.26.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 21.86 |
| 1 | Daily SMA50 | 20.62 |
| 2 | Daily SMA100 | 19.96 |
| 3 | Daily SMA200 | 21.26 |
The previous day high was 23.69 while the previous day low was 22.96. The daily 38.2% Fib levels comes at 23.41, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.24, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 23.02, 22.63, 22.3
- Pivot resistance is noted at 23.75, 24.08, 24.48
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 23.69 |
| Previous Daily Low | 22.96 |
| Previous Weekly High | 23.69 |
| Previous Weekly Low | 22.03 |
| Previous Monthly High | 22.25 |
| Previous Monthly Low | 18.84 |
| Daily Fibonacci 38.2% | 23.41 |
| Daily Fibonacci 61.8% | 23.24 |
| Daily Pivot Point S1 | 23.02 |
| Daily Pivot Point S2 | 22.63 |
| Daily Pivot Point S3 | 22.30 |
| Daily Pivot Point R1 | 23.75 |
| Daily Pivot Point R2 | 24.08 |
| Daily Pivot Point R3 | 24.48 |
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