#XAGUSD @ 22.709 Silver Price Analysis: appears well set to test golden Fibonacci ration below $23.00, @nehcap view: Limited downside expected (Pivot Orderbook analysis)
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The pair currently trades last at 22.709.
The previous day high was 23.54 while the previous day low was 23.03. The daily 38.2% Fib levels comes at 23.22, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.34, expected to provide resistance.
Silver Price (XAG/USD) stays on the back foot at around $22.75 after falling to the lowest levels since late March the previous day. That said, the precious metal declined in the last four consecutive days before licking its wounds on early Friday.
The XAG/USD’s latest fall broke the key 200-day Exponential Moving Average (EMA) support, now immediate resistance near $22.85, which in turn joins the bearish MACD signals to keep the Silver sellers hopeful. However, the oversold conditions of the RSI (14) line prod the metal’s further downside.
As a result, the quote is likely to decline towards the 61.8% Fibonacci retracement of its March-May upside around $22.30. However, the Silver Price weakness past the key Fibonacci retracement, also known as the golden Fibonacci ratio, appears difficult.
Even if the quote breaks the $22.30 Fibonacci ratio, a broad horizontal area comprising multiple levels marked since mid-February, near $21.50-30, could challenge the XAG/USD bears.
Following that, an upward-sloping support line from late 2022, around $20.80, will be in the spotlight.
On the contrary, the XAG/USD rebound past the 200-day EMA level of around $22.85 isn’t an open invitation to the Silver buyers as a convergence of the three-week-old descending trend line and 50% Fibonacci retracement, near $23.05, will check the metal’s further upside.
Trend: Limited downside expected
Technical Levels: Supports and Resistances
XAGUSD currently trading at 22.73 at the time of writing. Pair opened at 23.06 and is trading with a change of -1.43% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 22.73 |
| 1 | Today Daily Change | -0.33 |
| 2 | Today Daily Change % | -1.43% |
| 3 | Today daily open | 23.06 |
The pair is trading below its 20 Daily moving average @ 24.57, below its 50 Daily moving average @ 24.32 , below its 100 Daily moving average @ 23.37 and above its 200 Daily moving average @ 21.98
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 24.57 |
| 1 | Daily SMA50 | 24.32 |
| 2 | Daily SMA100 | 23.37 |
| 3 | Daily SMA200 | 21.98 |
The previous day high was 23.54 while the previous day low was 23.03. The daily 38.2% Fib levels comes at 23.22, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.34, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 22.88, 22.7, 22.37
- Pivot resistance is noted at 23.39, 23.72, 23.9
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 23.54 |
| Previous Daily Low | 23.03 |
| Previous Weekly High | 24.21 |
| Previous Weekly Low | 23.33 |
| Previous Monthly High | 26.09 |
| Previous Monthly Low | 23.57 |
| Daily Fibonacci 38.2% | 23.22 |
| Daily Fibonacci 61.8% | 23.34 |
| Daily Pivot Point S1 | 22.88 |
| Daily Pivot Point S2 | 22.70 |
| Daily Pivot Point S3 | 22.37 |
| Daily Pivot Point R1 | 23.39 |
| Daily Pivot Point R2 | 23.72 |
| Daily Pivot Point R3 | 23.90 |
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