#XAGUSD @ 23.160 Silver Price retreats towards two-month low marked the last week, pressured for the second consecutive day., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• Silver Price retreats towards two-month low marked the last week, pressured for the second consecutive day.
• Bearish MACD signals, failure to keep the bounce off $22.70 to lure XAG/USD sellers.
• 200-DMA, ascending trend line from September 2022 on bear’s radar.
• Buyers remain off the table unless the quote crosses April’s low.

The pair currently trades last at 23.160.

The previous day high was 23.38 while the previous day low was 23.16. The daily 38.2% Fib levels comes at 23.25, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.3, expected to provide resistance.

Silver Price (XAG/USD) remains depressed around the intraday low surrounding $23.15 during early Tuesday in Asia. In doing so, the bright metal drops for the second consecutive day while keeping the week-start U-turn from the 100-DMA hurdle.

Additionally favoring the Silver sellers are the downbeat MACD signals and the metal’s failure to defend Friday’s strong recovery from the $22.70 mark.

With this, the quote drops towards the $23.00 round figure ahead of revisiting the latest troughs around $22.70.

Following that, the 200-DMA level surrounding the $22.00 will gain the Silver seller’s attention. It’s worth noting, however, that an upward-sloping support line from September 2022, close to $21.00 by the press time, appears the key for the XAG/USD sellers to conquer before taking control.

On the contrary, the Silver Price recovery needs validation from the 100-DMA hurdle of around $23.35, as well as from the $24.00 round figure, ahead of challenging the final post of the XAG/USD bears around $24.50, comprising the monthly low of April.

Should the XAG/USD manage to remain firmer past $24.50, the odds of witnessing a run-up towards the yearly top marked earlier in the month around $26.15 can’t be ruled out.

Trend: Further downside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.16 at the time of writing. Pair opened at 23.18 and is trading with a change of -0.09% % .

The pair is trading below its 20 Daily moving average @ 24.29, below its 50 Daily moving average @ 24.39 , below its 100 Daily moving average @ 23.36 and above its 200 Daily moving average @ 22.03

The previous day high was 23.38 while the previous day low was 23.16. The daily 38.2% Fib levels comes at 23.25, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.3, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 23.1, 23.02, 22.88
• Pivot resistance is noted at 23.32, 23.46, 23.54

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