#XAGUSD @ 25.654 Silver price remains pressured after retreating from 13-month high., @nehcap view: Recovery expected (Pivot Orderbook analysis)

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• Silver price remains pressured after retreating from 13-month high.
• Looming bull cross on MACD, rebound from 200-HMA lures XAG/USD buyers.
• Silver price is likely to grind between $26.10 resistance confluence and 200-HMA support.

The pair currently trades last at 25.654.

The previous day high was 26.14 while the previous day low was 25.17. The daily 38.2% Fib levels comes at 25.54, expected to provide support. Similarly, the daily 61.8% fib level is at 25.77, expected to provide resistance.

Silver price (XAG/USD) remains mildly offered near $25.65 as it licks the previous day’s wounds amid Monday’s sluggish Asian session.

That said, the bright metal dropped the most in three weeks the previous day after reversing from the from fresh highest levels since April 2022.

The pullback move broke one-week-old ascending trend line and favored XAG/USD bears. However, the 200-Hour Moving Average (HMA), around $25.20 by the press time, triggered the commodity’s following rebound.

It’s worth noting, however, that the MACD signals run out of bearish bias and hence the Silver price recovery from the 200-HMA appears to aim for the $26.00.

Though, a convergence of the previous support line from May 02 and a three-week-old horizontal area, near $26.10 at the latest, appears a tough nut to crack for the XAG/USD bulls afterward.

Following that, the highs marked in April and March 2022, respectively near $26.22 and $26.95, can’t be ruled out.

On the contrary, a downside break of the 200-HMA level of $25.20 can revisit the $25.00 round figure ahead of testing multiple supports around $24.60-50 area.

Overall, Silver price remains on the bull’s radar despite the latest retreat in the commodity’s quote.

Trend: Recovery expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 25.64 at the time of writing. Pair opened at 25.66 and is trading with a change of -0.08% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 25.26, 50 SMA 23.46, 100 SMA @ 23.32 and 200 SMA @ 21.73.

The previous day high was 26.14 while the previous day low was 25.17. The daily 38.2% Fib levels comes at 25.54, expected to provide support. Similarly, the daily 61.8% fib level is at 25.77, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 25.17, 24.69, 24.2
• Pivot resistance is noted at 26.14, 26.62, 27.11

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