#XAGUSD @ 24.940 Silver price takes offers to refresh intraday low, snaps two-day winning streak., @nehcap view: Limited downside expected (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]

• Silver price takes offers to refresh intraday low, snaps two-day winning streak.
• Steady RSI, U-turn from the key SMA favor XAG/USD sellers in approaching immediate support line.
• One-month-old horizontal support, 200-SMA can challenge Silver bears.

The pair currently trades last at 24.940.

The previous day high was 25.07 while the previous day low was 24.73. The daily 38.2% Fib levels comes at 24.94, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.86, expected to provide support.

Silver price (XAG/USD) drops to $24.95, printing the first intraday loss, so far, in three during early Monday. In doing so, the bright metal extends late Friday’s U-turn from the 100-bar Simple Moving Average (SMA).

Given the steady RSI (14) line also favoring the XAG/USD’s latest weakness, the metal price can witness further downside towards an upward-sloping support line from the last Thursday, close to $24.85 by the press time.

Should the Silver price breaks the immediate support, a horizontal area comprising multiple lows marked since early April, near $24.55-50, will precede the 200-SMA level of near $24.10 to challenge the XAG/USD bears.

In a case where the bullion price remains weak past $24.10, the $24.00 round figure may act as the last defense of the buyers.

Meanwhile, the 100-SMA level of around $25.15 guards the short-term Silver price recovery.

Following that, a fortnight-old descending resistance line near $25.25 will be important to watch as a clear upside break of the same can open the doors for the metal’s rally towards the latest multi-month high, marked in April around $26.10.

Overall, Silver price is likely to witness further declines but the room towards the south appears limited.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 24.96 at the time of writing. Pair opened at 25.06 and is trading with a change of -0.40% % .

The pair is trading below its 20 Daily moving average @ 25.03, above its 50 Daily moving average @ 23.07 , above its 100 Daily moving average @ 23.22 and above its 200 Daily moving average @ 21.57

The previous day high was 25.07 while the previous day low was 24.73. The daily 38.2% Fib levels comes at 24.94, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.86, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 24.84, 24.61, 24.49
• Pivot resistance is noted at 25.18, 25.3, 25.52

[/s2If]
Nehcap Expert Advisor
The NEHCAP MT4 EA is high quality professional trading system geared to generate returns without using GRID or martingales. Each trade has strict risk per trade parameter. The pairs under management include EURUSD, GBPUSD, AUDCAD, AUDNZD,GBPAUD, EURAUD, EURCAD, CHFJPY and many more.
The system is trading live: LIVE ACCOUNT TRACKING
You can run it free. Apply for a free trial and track our account. Buy the system or use profit share mechanism to generate returns on your MT4.
Join Our Telegram Group