#XAGUSD @ 23.187 Silver Price remains depressed within one-week-old symmetrical triangle., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• Silver Price remains depressed within one-week-old symmetrical triangle.
• Sustained trading below 200-HMA, fortnight-long resistance line amid steady RSI favor XAG/USD sellers.
• Silver Price weakness past $23.00 can aim for November 2022 peak.

The pair currently trades last at 23.187.

The previous day high was 23.34 while the previous day low was 22.93. The daily 38.2% Fib levels comes at 23.19, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.09, expected to provide support.

Silver Price (XAG/USD) grinds within a short-term symmetrical triangle as traders await the key risk catalysts during early Wednesday.

That said, the XAG/USD seesaws inside a one-week-old triangle formation after failing to register any clear pattern the previous day.

Though, the bullion’s sustained trading below the 200-Hour Moving Average (HMA), as well as a downward-sloping trend line from May 15, keeps the Silver bears hopeful.

Additionally, the steady RSI (14) line suggests a further zigzag of the XAG/USD price within a triangle as the bullion sellers slowly tighten their grip.

It’s worth noting that the Silver sellers, however, may need to wait for a clear downside break of the stated triangle, by smashing the $23.00 support, which in turn could direct the XAG/USD price towards the monthly low marked in the last week around $22.68.

In a case where the Silver price remains bearish past $22.68, the November 2022 peak of around $22.25 and the $22.00 round figure could lure the precious metal sellers.

On the contrary, an upside break of the stated triangle’s resistance line, around $23.30 at the latest, isn’t an open invitation to the Silver buyers as the 200-HMA and the previously stated two-week-old resistance line, respectively near $23.35 and $23.45, could play their roles of probing the XAG/USD bulls.

Following that, a run-up towards $24.00 and then to a late April low of near $24.50 can’t be ruled out.

Trend: Further downside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.17 at the time of writing. Pair opened at 23.19 and is trading with a change of -0.09% % .

The pair is trading below its 20 Daily moving average @ 24.18, below its 50 Daily moving average @ 24.4 , below its 100 Daily moving average @ 23.35 and above its 200 Daily moving average @ 22.06

The previous day high was 23.34 while the previous day low was 22.93. The daily 38.2% Fib levels comes at 23.19, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.09, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 22.97, 22.74, 22.55
• Pivot resistance is noted at 23.38, 23.57, 23.8

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