#XAGUSD @ 20.062 Silver price prints mild gains as it reverses from four-month low., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• Silver price prints mild gains as it reverses from four-month low.
• Short-term descending support line, oversold RSI adds strength to recovery.
• Doji candlestick, 100-DMA challenge XAG/USD buyers amid sluggish moves.

The pair currently trades last at 20.062.

The previous day high was 20.23 while the previous day low was 19.92. The daily 38.2% Fib levels comes at 20.04, expected to provide support. Similarly, the daily 61.8% fib level is at 20.11, expected to provide resistance.

Silver price (XAG/USD) picks up bids to rebound from the Year-To-Date (YTD) lows while printing mild gains around $20.00, up 0.18% intraday heading into Thursday’s European session.

In doing so, the bright metal bounces off a three-week-old descending support line, around $19.80 by the press time, amid an oversold RSI (14).

The XAG/USD rebound, however, appears elusive unless the quote stays below the previous day’s top surrounding $20.22.

That said, a clear upside break of $20.22 will defy the bearish candlestick formation and can propel the Silver price toward a late February swing low surrounding $20.45.

It’s worth noting, though, that the XAG/USD run-up beyond $20.45 needs validation from the $21.00 round figure and the 100-SMA hurdle of $21.15 to convince the buyers.

Meanwhile, pullback moves may retest the aforementioned support line, near $19.80. Following that, the $19.00 and November 2022 low surrounding $18.85 may entertain the Silver traders.

In a case where the XAG/USD bears keep the reins past $18.85, the previous yearly low surrounding $17.75, marked in September 2022, will be in focus.

Overall, the Silver bears appear running out of steam but the bulls have a long way to go before retaking control.

Trend: Further downside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 20.08 at the time of writing. Pair opened at 20.02 and is trading with a change of 0.30% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 21.29, 50 SMA 22.66, 100 SMA @ 22.17 and 200 SMA @ 20.96.

The previous day high was 20.23 while the previous day low was 19.92. The daily 38.2% Fib levels comes at 20.04, expected to provide support. Similarly, the daily 61.8% fib level is at 20.11, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 19.88, 19.74, 19.57
• Pivot resistance is noted at 20.2, 20.37, 20.51

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