#XAGUSD @ 24.1365 Silver price struggles to extend three-day uptrend near one-week high., @nehcap view: Pullback expected (Pivot Orderbook analysis)

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• Silver price struggles to extend three-day uptrend near one-week high.
• Fortnight-old descending trend line challenges XAG/USD upside.
• 200-SMA puts a floor under the Silver price, bullish MACD signals favor metal buyers.

The pair currently trades last at 24.1365.

The previous day high was 24.04 while the previous day low was 23.37. The daily 38.2% Fib levels comes at 23.78, expected to provide support. Similarly, the daily 61.8% fib level is at 23.62, expected to provide support.

Silver price (XAG/USD) retreated from a one-week high as bulls seek fresh clues to defend the Federal Reserve (Fed) inspired rally. Even so, the bright metal prints mild gains around $24.10 during early Thursday in Asia.

It’s worth noting that the quote’s successful run-up beyond the 200-SMA joins the bullish MACD signals to keep the XAG/USD buyers hopeful.

However, the RSI (14) is approaching the overbought territory at a faster pace and suggests the pullback from a two-week-old resistance line, close to $24.20 at the latest.

Should the Silver price rises past $24.20, the odds of its rally toward the previous monthly high near $24.55 can’t be ruled out.

In a case where the XAG/USD remains firmer past $24.55, the January 2022 high of $24.70 may act as an intermediate halt during the north-run targeting an April 2022 peak of $26.22.

On the flip side, pullback moves may initially test the 23.6% Fibonacci retracement level of the pair’s moves between early December 2022 and January 03, 2023, close to $23.95.

Following that, the 200-SMA level of $23.75 will be important to watch as a clear break of the same could drag XAG/USD towards the 61.8% Fibonacci retracement level, also known as Golden Ratio, near $23.00.

Overall, the Silver price remains on the bull’s radar but further upside appears difficult.

Trend: Pullback expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 24.08 at the time of writing. Pair opened at 24 and is trading with a change of 0.33% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 23.75, 50 SMA 23.37, 100 SMA @ 21.62 and 200 SMA @ 21.02.

The previous day high was 24.04 while the previous day low was 23.37. The daily 38.2% Fib levels comes at 23.78, expected to provide support. Similarly, the daily 61.8% fib level is at 23.62, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 23.57, 23.13, 22.89
• Pivot resistance is noted at 24.24, 24.48, 24.91

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