#XAGUSD @ 23.610 Silver Price struggles for clear directions after snapping two-day downtrend the previous day., @nehcap view: Limited upside expected (Pivot Orderbook analysis)

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• Silver Price struggles for clear directions after snapping two-day downtrend the previous day.
• Sustained trading beyond a convergence of 200-HMA, one-week-old rising trend line keeps XAG/USD buyers hopeful.
• Steady RSI (14) adds strength to expectations of further grinding towards the north.
• Double tops around $24.00 appear tough nuts to crack for the Silver buyers.

The pair currently trades last at 23.610.

The previous day high was 23.78 while the previous day low was 23.34. The daily 38.2% Fib levels comes at 23.61, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.51, expected to provide support.

Silver Price (XAG/USD) picks up bids to defend the previous day’s corrective bounce off the short-term key support, mildly bid near $23.60 during early Wednesday in Asia.

In doing so, the bright metal rebounds from a convergence of the 200-Hour Moving Average (HMA) and an upward-sloping support line from May 30, close to $23.60-65.

Apart from the clear bounce off important support, the steady RSI (14) line also keeps the XAG/USD buyers hopeful.

However, a three-week-old double top formation of around $24.00 challenges the Silver buyers before giving them control.

In a case where the XAG/USD remains firmer past $24.00, the 61.8% Fibonacci retracement of the metal’s May 10-26 May, around $24.70, will act as the last defense of the Silver buyers.

Following that, the $26.00 round figure and the previous monthly high of around $26.15 will be in the spotlight.

On the contrary, a clear downside break of $23.40 won’t hesitate to portray an immediate fall toward the $23.00 round figure, a break of which could direct the XAG/USD sellers toward the previous monthly low of near $22.70.

Trend: Limited upside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.61 at the time of writing. Pair opened at 23.6 and is trading with a change of 0.04% % .

The pair is trading below its 20 Daily moving average @ 23.66, below its 50 Daily moving average @ 24.47 , above its 100 Daily moving average @ 23.34 and above its 200 Daily moving average @ 22.17

The previous day high was 23.78 while the previous day low was 23.34. The daily 38.2% Fib levels comes at 23.61, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.51, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 23.36, 23.13, 22.93
• Pivot resistance is noted at 23.8, 24.01, 24.24

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