#XAGUSD @ 25.813 Silver price remains sidelined after rising to the highest levels in one year., @nehcap view: Pullback expected (Pivot Orderbook analysis)

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• Silver price remains sidelined after rising to the highest levels in one year.
• Overbought RSI, multiple immediate resistances challenge XAG/USD buyers.
• Silver sellers stay off the table beyond $24.50.

The pair currently trades last at 25.813.

The previous day high was 25.67 while the previous day low was 25.04. The daily 38.2% Fib levels comes at 25.43, expected to provide support. Similarly, the daily 61.8% fib level is at 25.28, expected to provide support.

Silver price (XAG/USD) remains firmer at $25.80, despite recent inaction at the highest levels in one year during early Friday in Asia. In doing so, the bright metal justifies the overbought RSI conditions, as well as fears of bulls amid a bumpy road towards the north. However, multiple supports and bullish MACD signals keep the XAG/USD buyers hopeful.

That said, the XAG/USD pullback needs validation from a 10-month-old previous resistance line, around $25.50.

Even so, the convergence of the 61.8% Fibonacci retracement level of the metals moves between May 2021 to September 2022 and a 23-month-old downward-sloping trend line, near $24.50, appears a tough nut to crack for the Silver sellers.

In a case where the Silver price remains bearish past $24.50, the odds of witnessing a gradual decline toward the 50% Fibonacci retracement level surrounding $23.20 can’t be ruled out.

On the flip side, the $26.00 round figure prods the XAG/USD bulls ahead of the 78.6% Fibonacci retracement, around $26.35.

Following that, a broad area comprising tops marked since July 2021, around $26.95-75, quickly followed by the $27.00 round figure, will be in focus.

Overall, the Silver price is likely to remain firmer even if the short-term pullback appears imminent.

Trend: Pullback expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 25.83 at the time of writing. Pair opened at 25.5 and is trading with a change of 1.29% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 23.62, 50 SMA 22.38, 100 SMA @ 22.85 and 200 SMA @ 21.19.

The previous day high was 25.67 while the previous day low was 25.04. The daily 38.2% Fib levels comes at 25.43, expected to provide support. Similarly, the daily 61.8% fib level is at 25.28, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 25.14, 24.78, 24.51
• Pivot resistance is noted at 25.77, 26.04, 26.4

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