#XAGUSD @ 20.903 Silver price snaps two-day winning streak, renews intraday low of late., @nehcap view: Limited downside expected (Pivot Orderbook analysis)

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• Silver price snaps two-day winning streak, renews intraday low of late.
• Clear U-turn from 200-DMA, bearish MACD signals hint at XAG/USD’s further downside.
• Three-week-old descending resistance line, horizontal area from the last December also challenge Silver buyers.
• Six-month-long upward-sloping trend line can restrict XAG/USD downside amid nearly oversold RSI (14).

The pair currently trades last at 20.903.

The previous day high was 21.18 while the previous day low was 20.84. The daily 38.2% Fib levels comes at 21.05, expected to provide resistance. Similarly, the daily 61.8% fib level is at 20.97, expected to provide resistance.

Silver price (XAG/USD) takes offers to refresh intraday low near $20.90 as it prints the first daily loss in three during early Thursday. In doing so, the bright metal reverses from the 200-DMA amid the bearish MACD signals.

While a pullback from the key moving average and downbeat oscillator hints keep the XAG/USD sellers hopeful, the nearly oversold RSI (14) conditions suggest the quote has limited downside room.

As a result, an ascending support line from early September 2022, around $20.45, becomes crucial to watch for the Silver traders.

It should be noted that the lows marked during early November 2022, as well as on Wednesday, highlight $20.40 as an extra filter towards the south. Additionally, the $20.00 could act as the last defense of the XAG/USD buyers.

Hence, the Silver price is likely to extend the latest downturn but the room towards the south appears limited.

That said, the metal’s recovery moves past the 200-DMA hurdle of $21.00 isn’t an open invitation to the Silver buyers as a downward-sloping resistance line from February 08, close to $21.70 at the latest, could challenge the quote’s further advances.

Above all, the XAG/USD remains on the bear’s radar unless crossing a three-month-old horizontal resistance area surrounding $22.55-60.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 20.94 at the time of writing. Pair opened at 20.98 and is trading with a change of -0.19% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 21.76, 50 SMA 22.97, 100 SMA @ 22.07 and 200 SMA @ 20.99.

The previous day high was 21.18 while the previous day low was 20.84. The daily 38.2% Fib levels comes at 21.05, expected to provide resistance. Similarly, the daily 61.8% fib level is at 20.97, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 20.82, 20.65, 20.47
• Pivot resistance is noted at 21.16, 21.35, 21.51

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