#XAGUSD @ 24.026 Silver price seesaws around intraday top after bouncing off three-week low., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• Silver price seesaws around intraday top after bouncing off three-week low.
• 100-SMA breakout joins bullish MACD signals to favor XAG/USD buyers.
• One-week-old descending resistance line, horizontal area from December 21 challenge Silver bulls.

The pair currently trades last at 24.026.

The previous day high was 23.91 while the previous day low was 23.2. The daily 38.2% Fib levels comes at 23.64, expected to provide support. Similarly, the daily 61.8% fib level is at 23.47, expected to provide support.

Silver price (XAG/USD) remains firmer around the intraday high of $24.04 as bulls keep the reins during early Monday. In doing so, the bright metal extends Friday’s U-turn from the lowest levels in two weeks.

That said, the bullion’s successful upside break of the 100-SMA joins the bullish MACD signals to underpin the latest recovery moves.

It should be noted, however, that multiple hurdles stand tall to challenge the XAG/USD bulls and hence the buyers remain skeptical at the moment.

Among the key resistances, a downward-sloping trend line from the last Tuesday, close to $24.20 by the press time, guards the quote’s immediate upside.

Following that, a horizontal area comprising multiple hurdle marked in the last 13 days, around $21.40, challenges the Silver buyers.

In a case where the XAG/USD remains firmer past $21.40, the monthly high around $21.55, also the highest level since late April 2022, will be crucial to watch.

Alternatively, Silver sellers may wait for a clear downside break of the 100-SMA, around $23.70 at the latest, before taking fresh positions.

Following that, the latest swing low and the 61.8% Fibonacci retracement level of the metal’s upside from December 06 2022 to January 03 2023, close to $23.10 and $23.00 in that order, could gain the market’s attention.

Trend: Further upside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 24.02 at the time of writing. Pair opened at 23.84 and is trading with a change of 0.76% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 23.68, 50 SMA 22.31, 100 SMA @ 20.71 and 200 SMA @ 21.1.

The previous day high was 23.91 while the previous day low was 23.2. The daily 38.2% Fib levels comes at 23.64, expected to provide support. Similarly, the daily 61.8% fib level is at 23.47, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 23.39, 22.94, 22.68
• Pivot resistance is noted at 24.1, 24.36, 24.81

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