#XAGUSD @ 22.304 Silver picks up bids to refresh intraday high, bounces off two-month low., @nehcap view: Limited recovery expected (Pivot Orderbook analysis)

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• Silver picks up bids to refresh intraday high, bounces off two-month low.
• 100-EMA, bearish MACD signals challenge XAG/USD buyers around multi-day low.
• Convergence of 200-EMA, 38.2% Fibonacci retracement level puts a floor under the Silver price.

The pair currently trades last at 22.304.

The previous day high was 22.46 while the previous day low was 22.05. The daily 38.2% Fib levels comes at 22.21, expected to provide support. Similarly, the daily 61.8% fib level is at 22.3, expected to provide support.

Silver price (XAG/USD) buyers jostle with the key Exponential Moving Average (EMA) hurdle as the bright metal rebounds from the two-month low to print the first daily gains in five, up 0.60% intraday near $22.30 during early Wednesday.

In doing so, the XAG/USD pokes the 100-EMA while paring the latest losses. However, the bearish MACD signals and the metal’s trading below the previous support line from early December 2022, now a resistance line around $23.05, challenges the Silver buyers.

That said, a clear upside break of the 100-EMA hurdle surrounding $22.30 could quickly propel the quote to the $23.00 round figures before highlighting the support-turned-resistance line near $23.05.

Following that, multiple resistances could challenges Silver buyers near $23.20 and $24.30 ahead of directing the quote toward the monthly high of $24.63.

On the flip side, the 200-EMA and 38.2% Fibonacci retracement level of the metal’s upside from September 2022 to early February 2023 together offers the $22.00-21.95 crucial support.

In a case where Silver remains bearish past $21.95, the 50% and 61.8% Fibonacci retracements, respectively near $21.10 and $20.25, could challenge the XAG/USD bears. Also acting as the downside filter is the $20.00 round figure.

Overall, the Silver price is likely to improve but the bulls are far from taking control back.

Trend: Limited recovery expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 22.3 at the time of writing. Pair opened at 22.16 and is trading with a change of 0.63 % .

The pair is trading below its 20 Daily moving average @ 23.55, below its 50 Daily moving average @ 23.47 , above its 100 Daily moving average @ 21.75 and above its 200 Daily moving average @ 21.01

The previous day high was 22.46 while the previous day low was 22.05. The daily 38.2% Fib levels comes at 22.21, expected to provide support. Similarly, the daily 61.8% fib level is at 22.3, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 21.99, 21.81, 21.57
• Pivot resistance is noted at 22.4, 22.64, 22.82

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