#XAGUSD @ 25.026 Silver price remains pressured after breaking one-month-old support line, down for the third consecutive day., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• Silver price remains pressured after breaking one-month-old support line, down for the third consecutive day.
• Looming bear cross on MACD adds strength to downside bias.
• Previous resistance line from early January challenges XAG/USD sellers before the 21-DMA support.

The pair currently trades last at 25.026.

The previous day high was 26.09 while the previous day low was 25.16. The daily 38.2% Fib levels comes at 25.51, expected to provide resistance. Similarly, the daily 61.8% fib level is at 25.73, expected to provide resistance.

Silver price (XAG/USD) remains pressured at the $25.00 threshold, down for the third consecutive day during early Tuesday in Asia.

In doing so, the bright metal justifies the previous day’s downside break of a one-month-old ascending support line, now immediate resistance, while extending the pullback from a one-year high marked in the last week.

Apart from the trend line breakdown, an impending bear cross on the MACD indicator also keeps the XAG/USD sellers hopeful.

However, a resistance-turned-support line from early January, close to $24.85 by the press time, challenges the Silver bears at the latest.

Following that, tops marked in February and January, around $24.65 and $24.55 respectively, could challenge the XAG/USD bears before directing them to the 21-DMA support of around $24.15.

In a case where the Silver price remains bearish past $24.15, the odds of witnessing a slump toward March’s high of nearly $23.50 can’t be ruled out.

On the flip side, Silver price recovery needs validation from the previous support line from mid-March, close to $25.25 at the latest.

Should the commodity manages to remain firmer past $25.25, the late 2021 high near $25.40 and the latest peak of near $26.10 can act as extra checks for the XAG/USD bulls to cross before eyeing the April 2022 high of $26.22 and the last years high of $26.95.

Trend: Further downside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 25.02 at the time of writing. Pair opened at 25.37 and is trading with a change of -1.38% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 24.01, 50 SMA 22.45, 100 SMA @ 22.93 and 200 SMA @ 21.26.

The previous day high was 26.09 while the previous day low was 25.16. The daily 38.2% Fib levels comes at 25.51, expected to provide resistance. Similarly, the daily 61.8% fib level is at 25.73, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 24.99, 24.61, 24.06
• Pivot resistance is noted at 25.92, 26.47, 26.85

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