#XAGUSD @ 23.548 Silver Price fades late Monday’s recovery as 21-EMA, 50-EMA prod bulls., @nehcap view: Recovery expected (Pivot Orderbook analysis)

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• Silver Price fades late Monday’s recovery as 21-EMA, 50-EMA prod bulls.
• MACD, RSI (14) line suggest further grinding towards the north.
• Three-month-old ascending trend line, 200-EMA restrict short-term downside.

The pair currently trades last at 23.548.

The previous day high was 23.69 while the previous day low was 23.25. The daily 38.2% Fib levels comes at 23.42, expected to provide support. Similarly, the daily 61.8% fib level is at 23.52, expected to provide support.

Silver Price (XAU/USD) remains depressed near $23.55, fading the previous day’s corrective bounce off $23.25, amid early Tuesday.

In doing so, the bright metal registers a failure to cross the 21-day and 50-day Exponential Moving Averages (EMAs). However, the quote’s previous rebound from an upward-sloping support line from early March, as well as the 200-EMA, keeps the XAG/USD bears off the table.

That said, the bullish MACD signals and upbeat RSI (14) also suggest further grinding of the Silver Price towards the north.

With this, the Silver traders can expect a short-term downside towards the aforementioned three-month-old upward-sloping support line, close to $23.05, quickly followed by the $23.00 round figure. However, the 200-EMA level of around $22.85 can challenge the XAG/USD bears afterward.

In a case where the XAG/USD drops below $22.85, the previous monthly low of $22.70 appears the last defense of the Silver buyers.

On the contrary, the 21-EMA and 50-EMA restrict short-term upside of the Silver Price near $23.80 and $23.90 in that order.

Following that, the $24.00 round figure holds the key for the metal’s further upside towards late April’s swing low of around $24.50 and then toward the February month’s high of near $24.65.

Trend: Recovery expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.56 at the time of writing. Pair opened at 23.57 and is trading with a change of -0.04% % .

The pair is trading below its 20 Daily moving average @ 23.76, below its 50 Daily moving average @ 24.46 , above its 100 Daily moving average @ 23.35 and above its 200 Daily moving average @ 22.15

The previous day high was 23.69 while the previous day low was 23.25. The daily 38.2% Fib levels comes at 23.42, expected to provide support. Similarly, the daily 61.8% fib level is at 23.52, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 23.32, 23.06, 22.88
• Pivot resistance is noted at 23.76, 23.94, 24.2

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