#XAGUSD @ 25.011 Silver price clings to mild gains after recovering from three-week low., @nehcap view: Downside expected (Pivot Orderbook analysis)
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- Silver price clings to mild gains after recovering from three-week low.
- Bearish MACD signals join lower high and lower low formation to lure XAG/USD sellers.
- 10-DMA, one-week-old descending trend line restrict immediate upside.
- $21.20 holds the key for further Silver price downside.
The pair currently trades last at 25.011.
The previous day high was 25.36 while the previous day low was 24.49. The daily 38.2% Fib levels comes at 24.83, expected to provide support. Similarly, the daily 61.8% fib level is at 25.03, expected to provide resistance.
Silver price (XAG/USD) remains defensive around $25.05 as bulls and bears jostle ahead of the key US data early Wednesday.
In doing so, the XAG/USD rebounds from an upward-sloping support line from early January, the previous resistance. Also putting a floor under the Silver price is the 21-DMA.
However, the lower high and lower low formation of the bright metal joins the bearish MACD signals to keep the Silver sellers hopeful.
Hence, the bullion price is likely to remain pressured and can decline further on breaking the aforementioned resistance-turned-support line, close to $24.90, at the latest.
It’s worth noting that the 21-DMA level surrounding $24.80 and multiple tops marked during early 2023 around $24.20 can act as additional downside filters to watch for the Silver sellers past $24.90.
Should the XAG/USD remains bearish past $24.20, the odds of witnessing a slump toward January’s low of $22.76 can’t be ruled out.
Alternatively, the 10-DMA level of $25.23 guards the immediate recovery of the Silver price.
Following that, a one-week-old descending resistance line, close to $25.35 by the press time, can act as the last defense of the XAG/USD bears.
In a case where the Silver price remains firmer past $25.35, a rally towards refreshing the Year-To-Date (YTD) top, currently around $26.10, can be anticipated.
Trend: Downside expected
Technical Levels: Supports and Resistances
XAGUSD currently trading at 25.06 at the time of writing. Pair opened at 25.02 and is trading with a change of 0.16% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 25.06 |
| 1 | Today Daily Change | 0.04 |
| 2 | Today Daily Change % | 0.16% |
| 3 | Today daily open | 25.02 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 24.81, 50 SMA 22.88, 100 SMA @ 23.15 and 200 SMA @ 21.47.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 24.81 |
| 1 | Daily SMA50 | 22.88 |
| 2 | Daily SMA100 | 23.15 |
| 3 | Daily SMA200 | 21.47 |
The previous day high was 25.36 while the previous day low was 24.49. The daily 38.2% Fib levels comes at 24.83, expected to provide support. Similarly, the daily 61.8% fib level is at 25.03, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 24.55, 24.09, 23.69
- Pivot resistance is noted at 25.42, 25.82, 26.29
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 25.36 |
| Previous Daily Low | 24.49 |
| Previous Weekly High | 25.60 |
| Previous Weekly Low | 24.64 |
| Previous Monthly High | 24.16 |
| Previous Monthly Low | 19.90 |
| Daily Fibonacci 38.2% | 24.83 |
| Daily Fibonacci 61.8% | 25.03 |
| Daily Pivot Point S1 | 24.55 |
| Daily Pivot Point S2 | 24.09 |
| Daily Pivot Point S3 | 23.69 |
| Daily Pivot Point R1 | 25.42 |
| Daily Pivot Point R2 | 25.82 |
| Daily Pivot Point R3 | 26.29 |
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