#XAGUSD @ 23.939 Silver price pares the second consecutive daily losses around the highest levels in two months., @nehcap view: Limited upside expected (Pivot Orderbook analysis)

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• Silver price pares the second consecutive daily losses around the highest levels in two months.
• Descending resistance line from Friday, bearish MACD signals lure sellers.
• Two-week-long ascending trend line, key EMAs put a floor under the XAG/USD price.

The pair currently trades last at 23.939.

The previous day high was 24.19 while the previous day low was 23.57. The daily 38.2% Fib levels comes at 23.81, expected to provide support. Similarly, the daily 61.8% fib level is at 23.96, expected to provide resistance.

Silver price (XAG/USD) consolidates intraday losses, the second one in a row, around $23.90 as recovery moves approach the short-term key resistance lines during the early European session on Tuesday.

In doing so, the XAG/USD defends the previous day’s rebound from the 100-Exponential Moving Average (EMA), as well as a one-week-long ascending trend line.

However, a downward-sloping resistance line and bearish MACD signals are acting as immediate challenges for the Silver buyers to tackle if they wish to retake control.

Even if the quote rises past the $24.00 adjacent trend line resistance, the monthly high of $24.20 and February’s peak near $24.70 can test the XAG/USD bulls before directing them to April 2022 high near $26.25.

On the contrary, pullback moves may initially aim for the ascending support line from the last Wednesday, around $23.80 at the latest, a break that could highlight the 100-EMA level of $23.70.

Following that, ascending trend line from March 21 and the 200-EMA, respectively near $23.55 and $23.40 in that order, could challenge the Silver bears before giving them control.

Overall, Silver buyers appear to run out of steam but the bears have a long and bumpy road to travel before retaking the driver’s seat.

Trend: Limited upside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.94 at the time of writing. Pair opened at 23.98 and is trading with a change of -0.17% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 22.31, 50 SMA 22.22, 100 SMA @ 22.61 and 200 SMA @ 21.05.

The previous day high was 24.19 while the previous day low was 23.57. The daily 38.2% Fib levels comes at 23.81, expected to provide support. Similarly, the daily 61.8% fib level is at 23.96, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 23.64, 23.3, 23.02
• Pivot resistance is noted at 24.25, 24.53, 24.87

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