#XAGUSD @ 23.412 Silver price picks up bids to snap three-day uptrend., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• Silver price picks up bids to snap three-day uptrend.
• RSI, MACD conditions also favor the rebound from the key support line, 200-SMA, suggesting further advances.
• Three-week-old horizontal support zone appears crucial for bulls.

The pair currently trades last at 23.412.

The previous day high was 23.77 while the previous day low was 23.43. The daily 38.2% Fib levels comes at 23.56, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.64, expected to provide resistance.

Silver price (XAG/USD) licks its wounds around $23.40 amid early Thursday in Asia, printing the first daily gains in four as of late.

In doing so, the bright metal bounces off a one-month-long ascending trend line, as well as the 200-SMA.

The commodity’s recovery moves also take clues from the above 40.0 RSI (14), as well as recently improving MACD signals.

As a result, the XAG/USD is likely to extend the latest recovery moves toward the $22.00 round figure.

However, a horizontal area comprising multiple levels marked since December 21, near $24.30, could challenge the quote’s further upside.

It should be observed that the monthly high near $24.55 could act as the last defense of the XAG/USD bears past $24.30, a break of which won’t hesitate to direct Silver price towards the April 2022 high near $26.25.

On the contrary, the aforementioned support line and the 200-SMA restrict the immediate downside of the Silver price near $23.30 and $23.20 in that order.

Following that, the monthly low of $23.10 and the mid-December trough surrounding $22.55 will be in focus.

Overall, the Silver price is likely to remain firmer but the road toward the north is long and bumpy.

Trend: Further upside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.44 at the time of writing. Pair opened at 23.62 and is trading with a change of -0.76% % .

The pair is trading below its 20 Daily moving average @ 23.69, above its 50 Daily moving average @ 22.48 , above its 100 Daily moving average @ 20.8 and above its 200 Daily moving average @ 21.09

The previous day high was 23.77 while the previous day low was 23.43. The daily 38.2% Fib levels comes at 23.56, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.64, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 23.45, 23.27, 23.1
• Pivot resistance is noted at 23.79, 23.95, 24.13

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