#XAGUSD @ 24.923 Silver price grinds higher after reversing from one-year top., @nehcap view: Limited upside expected (Pivot Orderbook analysis)

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• Silver price grinds higher after reversing from one-year top.
• Successful trading above the previously key resistance area, bullish MACD signals favor XAG/USD bulls.
• 10-month-old ascending resistance line, overbought RSI challenges Silver buyers.

The pair currently trades last at 24.923.

The previous day high was 25.02 while the previous day low was 23.83. The daily 38.2% Fib levels comes at 24.56, expected to provide support. Similarly, the daily 61.8% fib level is at 24.28, expected to provide support.

Silver price (XAG/USD) seesaws around $25.00 during early Thursday, following a volatile Wednesday that initially refreshed a one-year high before marking the daily loss.

In doing so, the bright metal justifies the overbought RSI (14) while easing below an upward-sloping resistance line from April 2022.

It’s worth noting, however, that the quote marked a corrective bounce late Wednesday. The same could be linked to the XAG/USD’s inability to break three-month-old key support, previous resistance around $24.55-65. Additionally favoring the rebound are the bullish MACD signals.

Hence, the Silver price is likely to remain firmer unless breaking below $24.55.

Even if the quote breaks the stated resistance-turned-support, an ascending support line from the mid-March, near $24.05, can act as an extra filter towards the south.

Meanwhile, recovery moves may find it difficult to cross the multi-day-old resistance line, near $25.30 by the press time.

In a case where the Silver price ignores the overbought RSI and crosses the aforementioned resistance of around $25.30, the April 2022 high of around $26.25 may act as an intermediate halt during the likely run-up towards the previous yearly peak of $26.95.

Overall, the Silver price stays bullish despite the latest pullback. However, the metal’s north run is likely to remain long and bumpy.

Trend: Limited upside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 24.92 at the time of writing. Pair opened at 25 and is trading with a change of -0.32% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 22.56, 50 SMA 22.25, 100 SMA @ 22.65 and 200 SMA @ 21.07.

The previous day high was 25.02 while the previous day low was 23.83. The daily 38.2% Fib levels comes at 24.56, expected to provide support. Similarly, the daily 61.8% fib level is at 24.28, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 24.21, 23.42, 23.02
• Pivot resistance is noted at 25.41, 25.81, 26.6

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