#XAGUSD @ 23.527 Silver Price grinds near weekly high as bulls attack convergence of key resistance lines., @nehcap view: Limited upside expected (Pivot Orderbook analysis)

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• Silver Price grinds near weekly high as bulls attack convergence of key resistance lines.
• Upbeat MACD signals suggest further XAG/USD advances but 200-SMA is the key hurdle.
• 50-SMA, weekly support line restricts immediate downside of the Silver Price.

The pair currently trades last at 23.527.

The previous day high was 23.62 while the previous day low was 23.1. The daily 38.2% Fib levels comes at 23.42, expected to provide support. Similarly, the daily 61.8% fib level is at 23.3, expected to provide support.

Silver Price (XAG/USD) clings to mild gains near $23.50-55 as bulls take a breather while jostling with the short-term key resistance during early Thursday. In doing so, the bright metal also makes rounds to the weekly high amid a three-day uptrend.

A convergence of a downward-sloping trend line from May 05 and a fortnight-old descending resistance line appears challenging the XAG/USD buyers around $23.60.

That said, a sustained break of the 50-SMA and bullish MACD signals keep the Silver buyers hopeful of crossing the $23.60 hurdle, which in turn will allow them to meet the $24.00 round figure.

However, the 200-SMA level of around $24.50 can challenge the XAG/USD afterward, if not then the $25.00 round figure may act as an intermediate halt during the quote’s run-up targeting the previous monthly peak of around $26.15. It should be noted that April’s high of $26.08 also challenges the Silver buyers past the $26.00 threshold.

Alternatively, the 50-SMA level of around $23.25 precedes a one-week-long rising trend line, close to $23.20 at the latest, to restrict the intraday fall of the Silver price.

Following that, the latest trough marked the last Friday near $22.70 and November 2022 high near $22.25 may act as the last defenses of the XAG/USD buyers.

Trend: Limited upside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.54 at the time of writing. Pair opened at 23.51 and is trading with a change of 0.13% % .

The pair is trading below its 20 Daily moving average @ 24.07, below its 50 Daily moving average @ 24.42 , above its 100 Daily moving average @ 23.35 and above its 200 Daily moving average @ 22.08

The previous day high was 23.62 while the previous day low was 23.1. The daily 38.2% Fib levels comes at 23.42, expected to provide support. Similarly, the daily 61.8% fib level is at 23.3, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 23.2, 22.89, 22.68
• Pivot resistance is noted at 23.72, 23.93, 24.24

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