#XAGUSD @ 21.034 Silver price retreats towards intraday low, defends previous day’s pullback from one-week high., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• Silver price retreats towards intraday low, defends previous day’s pullback from one-week high.
• One-week-old rising wedge bearish chart pattern joins downbeat MACD signals to favor sellers.
• Previous resistance line from early February lures XAG/USD bears.

The pair currently trades last at 21.034.

The previous day high was 21.31 while the previous day low was 20.98. The daily 38.2% Fib levels comes at 21.11, expected to provide resistance. Similarly, the daily 61.8% fib level is at 21.18, expected to provide resistance.

Silver price (XAG/USD) stays on the bear’s radar, despite an early-day attempt to tease buyers, as the metal drops to $21.05 amid the initial European session on Tuesday. In doing so, the bullion defends the week-start pullback from the highest levels since February 24.

That said, the bright metal portrays a one-week-old rising wedge bearish chart pattern. The same join the bearish MACD signals to strengthen the downside bias.

However, a clear break of $21.00 becomes necessary to witness a downtrend towards a one-month-old previous resistance line, near $20.10 by the press time.

It should be observed that the latest swing low near $20.40 and the $20.00 round figure appear as the extra filters toward the south.

On the flip side, a downward-sloping resistance line from February 09, close to $21.20 at the latest, restricts the XAU/USD’s immediate recovery ahead of the stated wedge’s top line, near 21.40 by the press time.

Even if the Silver price crosses the $21.40 hurdle, the late February swing high near the $22.00 round figure could act as the validation point for the metal’s run-up toward the previous monthly high surrounding $24.65.

Overall, the Silver price is likely to remain pressured as traders await the key weekly event, namely Federal Reserve (Fed) Chairman Jerome Powell’s Testimony.

Trend: Further downside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 21.06 at the time of writing. Pair opened at 21.03 and is trading with a change of 0.14% % .

The pair is trading below its 20 Daily moving average @ 21.51, below its 50 Daily moving average @ 22.81 , below its 100 Daily moving average @ 22.14 and above its 200 Daily moving average @ 20.98

The previous day high was 21.31 while the previous day low was 20.98. The daily 38.2% Fib levels comes at 21.11, expected to provide resistance. Similarly, the daily 61.8% fib level is at 21.18, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 20.9, 20.78, 20.58
• Pivot resistance is noted at 21.23, 21.43, 21.55

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