#XAGUSD @ 21.854 Silver price takes offers to renew multi-day low, fades the previous day’s corrective bounce off 100-DMA., @nehcap view: Limited downside expected (Pivot Orderbook analysis)
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]
- Silver price takes offers to renew multi-day low, fades the previous day’s corrective bounce off 100-DMA.
- Bearish MACD signals, failure to rebound from key DMA favor XAG/USD sellers.
- Nearly oversold RSI (14) line challenges further downside of metal.
- 200-DMA lures Silver bears unless XAG/USD stays below $23.25.
The pair currently trades last at 21.854.
The previous day high was 22.31 while the previous day low was 21.84. The daily 38.2% Fib levels comes at 22.13, expected to provide resistance. Similarly, the daily 61.8% fib level is at 22.02, expected to provide resistance.
Silver price (XAG/USD) drops 0.85% intraday as it renews the 2.5-month low near $21.80 during early Monday. In doing so, the bright metal pokes the 100-DMA while reversing the previous day’s corrective bounce off the multi-day low.
Given the quote’s inability to rebound from the 100-DMA, as well as the bearish MACD signals, the XAG/USD sellers are likely to keep the reins. However, the 200-DMA support, close to the $21.00 round figure, appears a tough nut to crack for the Silver bears.
Hence, the precious metal is likely to break the immediate DMA support surrounding $21.80 but may witness a limited downside.
It’s worth noting that the October 2022 peak surrounding $21.25 may act as an extra filter towards the south, before hitting the 200-DMA.
Meanwhile, Silver buyers need to portray a successful recovery beyond November 2022 peak surrounding $22.25 to regain the market’s confidence.
Even so, a horizontal area comprising multiple levels marked since early December 2022, close to $23.25, could challenge the XAG/USD bulls.
Following that, a jungle of resistances around $24.30 may test the Silver buyers before directing them to the monthly high of around $24.65, also the highest since April 2022.
Trend: Limited downside expected
Technical Levels: Supports and Resistances
XAGUSD currently trading at 21.82 at the time of writing. Pair opened at 22.02 and is trading with a change of -0.91% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 21.82 |
| 1 | Today Daily Change | -0.20 |
| 2 | Today Daily Change % | -0.91% |
| 3 | Today daily open | 22.02 |
The pair is trading below its 20 Daily moving average @ 23.29, below its 50 Daily moving average @ 23.43 , below its 100 Daily moving average @ 21.83 and above its 200 Daily moving average @ 21.0
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 23.29 |
| 1 | Daily SMA50 | 23.43 |
| 2 | Daily SMA100 | 21.83 |
| 3 | Daily SMA200 | 21.00 |
The previous day high was 22.31 while the previous day low was 21.84. The daily 38.2% Fib levels comes at 22.13, expected to provide resistance. Similarly, the daily 61.8% fib level is at 22.02, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 21.8, 21.58, 21.33
- Pivot resistance is noted at 22.27, 22.53, 22.75
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 22.31 |
| Previous Daily Low | 21.84 |
| Previous Weekly High | 22.62 |
| Previous Weekly Low | 21.84 |
| Previous Monthly High | 24.55 |
| Previous Monthly Low | 22.76 |
| Daily Fibonacci 38.2% | 22.13 |
| Daily Fibonacci 61.8% | 22.02 |
| Daily Pivot Point S1 | 21.80 |
| Daily Pivot Point S2 | 21.58 |
| Daily Pivot Point S3 | 21.33 |
| Daily Pivot Point R1 | 22.27 |
| Daily Pivot Point R2 | 22.53 |
| Daily Pivot Point R3 | 22.75 |
[/s2If]
Join Our Telegram Group
