#XAGUSD @ 21.728 Silver price eases around monthly top after rising the most since early November 2022., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• Silver price eases around monthly top after rising the most since early November 2022.
• Convergence of 50-day, 100-day EMAs challenge XAG/USD bulls.
• Bullish MACD signals, sustained bounce off multi-day-old support line keep Silver buyers hopeful.

The pair currently trades last at 21.728.

The previous day high was 21.93 while the previous day low was 20.54. The daily 38.2% Fib levels comes at 21.4, expected to provide support. Similarly, the daily 61.8% fib level is at 21.07, expected to provide support.

Silver price (XAG/USD) slides to around $21.70 as bulls take a breather following the biggest daily jump in more than four months. With this, the bright metal traces the Gold price while probing XAG/USD bulls ahead of the key US inflation data.

Also read: Gold Price Forecast: XAU/USD retreats on sluggish Treasury yields ahead of United States inflation

That said, a convergence of the 50-day and the 100-day Exponential Moving Average (EMA) challenges the immediate upside of the Silver price near $21.90. Adding strength to the stated resistance is the 38.2% Fibonacci retracement level of the metal’s run-up from September 2022 to February 2023.

It should, however, be noted that the XAG/USD rebound from the 5.5-month-old upward-sloping trend line, around $20.00 by the press time, joins the bullish MACD signals to keep the Silver buyers hopeful.

Given the quote’s successful break of the $21.90 hurdle, as well as sustained trading beyond the 22.00 round figure, Silver bulls can aim for the 23.6% Fibonacci retracement level surrounding $23.00. Following that, a rally toward the 2023 peak surrounding $24.65 can’t be ruled out.

On the contrary, the Silver price pullback can aim for the 50% and 61.8% Fibonacci retracements, respectively near $21.10 and $20.25 at the latest, before challenging the previously mentioned multi-day-old support line, close to $20.00 by the press time.

It’s worth observing, though, that the XAG/USD weakness below $20.00 could make it vulnerable to testing the November 2022 low of near $18.80. During the fall, the monthly bottom surrounding $19.90 can act as a validation point.

Trend: Further upside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 21.82 at the time of writing. Pair opened at 21.82 and is trading with a change of 0.00% % .

The pair is trading above its 20 Daily moving average @ 21.12, below its 50 Daily moving average @ 22.47 , below its 100 Daily moving average @ 22.22 and above its 200 Daily moving average @ 20.94

The previous day high was 21.93 while the previous day low was 20.54. The daily 38.2% Fib levels comes at 21.4, expected to provide support. Similarly, the daily 61.8% fib level is at 21.07, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 20.93, 20.04, 19.54
• Pivot resistance is noted at 22.32, 22.82, 23.7

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