#XAGUSD @ 23.053 Silver Price Analysis: hints at corrective bounce off $22.80 amid oversold RSI, @nehcap view: Short-term rebound expected (Pivot Orderbook analysis)
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The pair currently trades last at 23.053.
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) sellers take a breather at the lowest levels in four weeks, making rounds to $23.00 amid early Thursday in Asia.
In doing so, the bright metal seesaws around the monthly low after falling in the last three consecutive days. That said, the oversold RSI (14) line challenges the XAG/USD’s further downside.
As a result, a convergence of the 200-day Exponential Moving Average (EMA) and 38.2% Fibonacci retracement of the metal’s upside from September 2022 to May 2023, near $22.80, becomes crucial for Silver sellers to watch.
Should the XAG/USD traders ignore the oversold RSI and break the $22.80 support confluence, a quick fall to the 50% Fibonacci retracement level of around $21.80 and then to an upward-sloping support line from September 2022, near $20.90, can’t be ruled out.
On the flip side, a daily closing beyond the 100-day EMA level of $23.50 becomes necessary to expect the Silver Price recovery.
Even so, a horizontal area comprising multiple levels marked since early 2023, near $24.55-65, will be the key to challenging the XAG/USD buyers before giving them control.
Overall, Silver price is likely to witness a corrective bounce from the aforementioned support but the upside room appears limited.
Trend: Short-term rebound expected
Technical Levels: Supports and Resistances
XAGUSD currently trading at 23.06 at the time of writing. Pair opened at 23.06 and is trading with a change of 0.00% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 23.06 |
| 1 | Today Daily Change | 0.00 |
| 2 | Today Daily Change % | 0.00% |
| 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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