#XAGUSD @ 21.040 Silver price clings to 200-DMA as buyers struggle to extend key trend line breakout., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• Silver price clings to 200-DMA as buyers struggle to extend key trend line breakout.
• Looming bull cross on MACD, nearly oversold RSI conditions favor bullish bias.
• Previous resistance line from early February, 61.8% Fibonacci retracement level restricts immediate downside.

The pair currently trades last at 21.040.

The previous day high was 21.02 while the previous day low was 20.68. The daily 38.2% Fib levels comes at 20.81, expected to provide support. Similarly, the daily 61.8% fib level is at 20.89, expected to provide support.

Silver price (XAG/USD) prints mild gains around $21.00 as it braces for the first weekly gain in seven during early Friday in Europe.

In doing so, the bright metal seesaws around the 200-DMA while keeping the previous day’s break out of the one-month-old descending resistance line, now support around $20.60. Adding strength to the $20.60 support is the 61.8% Fibonacci retracement level of the metal’s run-up from October 2022 to February 2023.

The impending bull cross on the MACD indicator and the RSI (14) rebound from the oversold territory also appears to favor the Silver buyers, in addition to the sustained break of the previous key resistance and the successful rebound from the 61.8% Fibonacci retracement level, also known as golden Fibonacci retracement ratio.

As a result, the XAG/USD buyers are all set to extend the latest recovery moves toward the 50% Fibonacci retracement level of $21.36, given the daily closing beyond the 200-DMA level of $21.00.

However, the convergence of a 38.2% Fibonacci retracement and the 100-DMA, around $22.15, appears a tough nut to crack for the bulls afterward.

Meanwhile, pullback moves need to provide a daily closing below $20.60 support confluence, mentioned the previous day, to recall the Silver sellers.

Following that, the $20.00 psychological magnet and October 2022 low near $18.10 could gain the XAG/USD bear’s attention.

Trend: Further upside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 21.02 at the time of writing. Pair opened at 20.92 and is trading with a change of 0.48% % .

The pair is trading below its 20 Daily moving average @ 21.63, below its 50 Daily moving average @ 22.91 , below its 100 Daily moving average @ 22.09 and above its 200 Daily moving average @ 20.99

The previous day high was 21.02 while the previous day low was 20.68. The daily 38.2% Fib levels comes at 20.81, expected to provide support. Similarly, the daily 61.8% fib level is at 20.89, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 20.73, 20.53, 20.38
• Pivot resistance is noted at 21.07, 21.21, 21.41

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