#XAGUSD @ 23.354 Silver price remains mildly bid inside a bullish chart pattern., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• Silver price remains mildly bid inside a bullish chart pattern.
• XAG/USD buyers need validation from $23.40, key HMAs restrict immediate downside.
• Impending bulls cross on MACD, firmer RSI add strength to the bullish bias.

The pair currently trades last at 23.354.

The previous day high was 23.54 while the previous day low was 23.11. The daily 38.2% Fib levels comes at 23.27, expected to provide support. Similarly, the daily 61.8% fib level is at 23.37, expected to provide resistance.

Silver price (XAG/USD) renews its intraday high around $23.35 as it prints mild gains to reverse the previous day’s losses during early Tuesday. In doing so, the bright metal remains inside a bull flag chart pattern suggesting the quote’s further upside.

In addition to the bull flag, the looming bullish cross on the MACD and mostly steady RSI (14) also keep the XAG/USD buyers hopeful as they refresh the daily top.

However, a clear upside break of the stated flag’s upper line, near $23.40 by the press time, becomes necessary for the Silver buyers.

Following that, the monthly high near $23.70 and March’s low near $24.00 may act as intermediate halts during the theoretical target surrounding $25.10.

In a case where the XAG/USD remains firmer past $25.10, April’s high and the yearly top, around $26.00 and $26.95 in that order, will gain the market’s attention.

Alternatively, the Silver bears need to conquer the stated flag’s support line, close to $23.00 at the latest, for entries.

Even so, the 100-Hour Moving Average (HMA) and the 200-HMA, respectively near $22.95 and $22.75, could challenge the XAG/USD sellers before giving them control.

Overall, silver is likely to witness further upside but the $23.40 is the key to watch.

Trend: Further upside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.35 at the time of writing. Pair opened at 23.32 and is trading with a change of 0.13% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 21.93, 50 SMA 20.68, 100 SMA @ 20.01 and 200 SMA @ 21.25.

The previous day high was 23.54 while the previous day low was 23.11. The daily 38.2% Fib levels comes at 23.27, expected to provide support. Similarly, the daily 61.8% fib level is at 23.37, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 23.11, 22.9, 22.69
• Pivot resistance is noted at 23.53, 23.75, 23.96

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