#XAGUSD @ 25.546 Silver price drops for third consecutive day after refreshing multi-day top, holds lower grounds of late., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• Silver price drops for third consecutive day after refreshing multi-day top, holds lower grounds of late.
• Downside break of two-month-old ascending trend line, bearish MACD signals suggest further XAG/USD declines.
• Convergence of 10-DMA, 21-DMA holds the key for further downside of the Silver Price.

The pair currently trades last at 25.546.

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 on the back foot around the intraday low of $25.50 as it prints a three-day losing streak during early Tuesday.

In doing so, the bright metal justifies a downside break of an upward-sloping support line from early March, now immediate resistance near $25.65. Adding strength to the downside bias are the bearish MACD signals and the RSI (14) line’s retreat from overbought territory.

With this, the bullion appears well-set to decline towards a convergence of the 10-DMA and 21-DMA, around $25.35-30.

In a case where the XAG/USD remains bearish past $25.30, the odds of its further downside targeting a four-month-old horizontal support zone, around $24.55-50, can’t be ruled out.

It’s worth noting that the Silver price weakness past $24.50 makes it vulnerable to plunging toward the early January lows surrounding $23.00.

On the flip side, a daily close beyond the $25.65 support-turned-resistance can recall the XAG/USD buyers.

However, the double tops around $26.10 and the overbought RSI (14) line can challenge the Silver buyers afterward.

Should the quote remains firmer past $26.10 on a daily closing basis, highs marked in April and March of the last year, respectively near $26.25 and $26.95 appears more likely.

Trend: Further downside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 25.54 at the time of writing. Pair opened at 25.66 and is trading with a change of -0.47% % .

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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