#XAGUSD @ 23.652 Silver price fades the previous week’s bounce off 50-DMA, stays depressed around intraday low., @nehcap view: Further weakness expected (Pivot Orderbook analysis)

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• Silver price fades the previous week’s bounce off 50-DMA, stays depressed around intraday low.
• Bearish Doji, downbeat MACD signals keep silver sellers hopeful.
• XAG/USD moves remain sidelined inside five-week-old horizontal region.

The pair currently trades last at 23.652.

The previous day high was 24.01 while the previous day low was 23.3. The daily 38.2% Fib levels comes at 23.57, expected to provide support. Similarly, the daily 61.8% fib level is at 23.74, expected to provide resistance.

Silver price (XAG/USD) holds lower ground near $23.60 as the metal traders brace for a busy week during early Monday. In doing so, the bright metal remains inside a five-week-old horizontal trading region between $24.40 and $23.10.

It’s worth noting, however, that Thursday’s bearish Doji candlestick joins bearish MACD signals to weigh on the Silver prices.

Even so, the 50-DMA and the stated horizontal region’s support, respectively near $23.25 and $23.10, restrict short-term XAG/USD downside.

In a case where the Silver price remains weaker past $23.10, and also breaks the $23.00 round figure, the 50% and 61.8% Fibonacci retracement level of the commodity’s November 2022 to early January 2023 upside, close to $22.55 and $22.10 in that order, will be important challenges for the XAG/USD bears to tackle.

Alternatively, the $24.00 round figure could test the immediate upside of the XAG/USD ahead of directing the Silver buyers towards the stated trading range’s upper boundary, close to $24.40.

Following that, the monthly high surrounding $24.55 could act as an extra filter towards the north ahead of fueling the XAG/USD towards the April 2022 top near $26.25.

Overall, the Silver price remains bearish unless crossing $24.40. However, the downside room appears limited.

Trend: Further weakness expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.62 at the time of writing. Pair opened at 23.56 and is trading with a change of 0.25% % .

The pair is trading below its 20 Daily moving average @ 23.77, above its 50 Daily moving average @ 23.21 , above its 100 Daily moving average @ 21.49 and above its 200 Daily moving average @ 21.01

The previous day high was 24.01 while the previous day low was 23.3. The daily 38.2% Fib levels comes at 23.57, expected to provide support. Similarly, the daily 61.8% fib level is at 23.74, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 23.24, 22.92, 22.53
• Pivot resistance is noted at 23.95, 24.33, 24.66

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