#XAGUSD @ 24.043 Silver price picks up bids to reverse the previous day’s pullback from eight-month high., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• Silver price picks up bids to reverse the previous day’s pullback from eight-month high.
• XAG/USD seesaws around 22-month-old resistance line as prices portray bullish moving average crossover.
• Sellers need validation from June’s top to retake control.

The pair currently trades last at 24.043.

The previous day high was 24.3 while the previous day low was 23.83. The daily 38.2% Fib levels comes at 24.01, expected to provide support. Similarly, the daily 61.8% fib level is at 24.12, expected to provide resistance.

Silver price (XAG/USD) remains mildly bid around the eight-month high as it reverses the previous day’s pullback by rising to $24.00 during early Thursday.

In doing so, the bright metal justifies firmer MACD signals and the bullish moving average crossover, also known as the Golden cross. That said, the 50-DMA pierces the 200-DMA from below, which in turn suggests the short-term upside of the Silver price.

It’s worth noting, however, that a downward-sloping resistance line from February 2021, around $24.70, appears a tough nut to crack for the XAG/USD bulls during the quote’s further upside.

In a case where the commodity prices rally beyond $24.70, the Silver buyers can easily aim for the yearly high marked in March at around $27.00. That said, April’s peak of $26.22 may act as a buffer during the run-up toward $27.00.

On the contrary, pullback moves may aim for the $23.00 round figure before directing Silver bears toward the previous weekly low of $22.55.

Following that, June’s high near $22.51 could act as the last defense of the Silver buyers.

Should the metal price drop below $22.51, the monthly bottom surrounding $22.00 will be in focus.

Trend: Further upside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 24.06 at the time of writing. Pair opened at 23.98 and is trading with a change of 0.33% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 22.76, 50 SMA 21.17, 100 SMA @ 20.28 and 200 SMA @ 21.18.

The previous day high was 24.3 while the previous day low was 23.83. The daily 38.2% Fib levels comes at 24.01, expected to provide support. Similarly, the daily 61.8% fib level is at 24.12, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 23.77, 23.56, 23.3
• Pivot resistance is noted at 24.24, 24.51, 24.72

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