#XAGUSD @ 23.983 Silver price takes offers to reverse the previous day’s corrective bounce off six-week low., @nehcap view: Limited downside expected (Pivot Orderbook analysis)

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• Silver price takes offers to reverse the previous day’s corrective bounce off six-week low.
• Failure to cross late March swing highs lure XAG/USD sellers even as oversold RSI prods downside.
• 200-SMA acts as an extra upside filter; bullish MACD signals also challenge Silver bears.

The pair currently trades last at 23.983.

The previous day high was 24.21 while the previous day low was 23.88. The daily 38.2% Fib levels comes at 24.08, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.01, expected to provide resistance.

Silver price (XAG/USD) renews its intraday low near $24.00 as it reverses the week-start rebound from the lowest levels in 1.5 months. In doing so, the bright metal portrays its inability to cross a horizontal resistance stretched since late March.

With this, the XAG/USD is likely to decline further towards the 50% Fibonacci retracement level of the commodity’s March-May upside, near $23.80.

However, the oversold RSI (14) and bullish MACD signals will join the multiple levels marked during late March and early April, near $23.50, to limit the Silver price.

In a case where the Silver price remains bearish past $23.50, the 61.8% Fibonacci retracement, also known as the Golden Fibonacci Ratio, around $23.25, will act as the final defense of the Silver buyers.

Meanwhile, the XAG/USD’s upside break of the immediate six-week-old horizontal resistance, near $24.20, isn’t an open invitation to the buyers as multiple hurdles marked in April around $24.50-60 challenge the metal’s further upside. Also acting as an upside filter is the 200-SMA level of around $25.00.

To sum up, Silver price is likely to witness further downside but the room toward the south is limited.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.99 at the time of writing. Pair opened at 24.09 and is trading with a change of -0.42 % .

The pair is trading below its 20 Daily moving average @ 25.12, above its 50 Daily moving average @ 23.93 , above its 100 Daily moving average @ 23.39 and above its 200 Daily moving average @ 21.87

The previous day high was 24.21 while the previous day low was 23.88. The daily 38.2% Fib levels comes at 24.08, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.01, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 23.91, 23.73, 23.58
• Pivot resistance is noted at 24.24, 24.39, 24.57

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