#XAGUSD @ 23.533 Silver Price picks up bids to reverse the previous day’s retreat from three-week high., @nehcap view: Limited recovery expected (Pivot Orderbook analysis)
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- Silver Price picks up bids to reverse the previous day’s retreat from three-week high.
- Firmer MACD signals, repeated failures to break 100-DMA keep buyers hopeful.
- Daily closing beyond $24.10 becomes necessary for XAG/USD bears to keep the reins.
The pair currently trades last at 23.533.
The previous day high was 24.06 while the previous day low was 23.4. The daily 38.2% Fib levels comes at 23.65, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.81, expected to provide resistance.
Silver Price (XAG/USD) regains upside momentum, following the previous day’s U-turn from a multi-day high, as buyers prod $23.50 amid early Thursday. In doing so, the XAG/USD eyes another attempt to break the 21-DMA hurdle after portraying three failures to cross the short-term moving average resistance in the last week.
That said, the bullish MACD signals and repeated failures to break the 100-DMA support, around $23.30 by the press time, underpin the hopes of the Silver Price run-up.
In a case where the XAG/USD crosses the 21-DMA hurdle of $23.55, it can rise towards a three-week-old horizontal resistance area surrounding $24.00-24.10.
However, April’s low of near $24.50 and February’s high surrounding $24.65 could challenge the Silver buyers afterward.
On the flip side, a daily closing below the 100-DMA support of $23.30 becomes necessary for the Silver bear’s conviction.
Even so, an upward-sloping support line from early March, close to $23.15 by the press time, quickly followed by the $23.00 round figure, can restrict the short-term downside of the Silver Price.
To sum up, the Silver Price is likely to recover but the upside room appears limited.
Trend: Limited recovery expected
Technical Levels: Supports and Resistances
XAGUSD currently trading at 23.5 at the time of writing. Pair opened at 23.44 and is trading with a change of 0.26% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 23.5 |
| 1 | Today Daily Change | 0.06 |
| 2 | Today Daily Change % | 0.26% |
| 3 | Today daily open | 23.44 |
The pair is trading below its 20 Daily moving average @ 23.56, below its 50 Daily moving average @ 24.47 , above its 100 Daily moving average @ 23.34 and above its 200 Daily moving average @ 22.2
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 23.56 |
| 1 | Daily SMA50 | 24.47 |
| 2 | Daily SMA100 | 23.34 |
| 3 | Daily SMA200 | 22.20 |
The previous day high was 24.06 while the previous day low was 23.4. The daily 38.2% Fib levels comes at 23.65, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.81, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 23.21, 22.98, 22.56
- Pivot resistance is noted at 23.86, 24.28, 24.51
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 24.06 |
| Previous Daily Low | 23.40 |
| Previous Weekly High | 24.02 |
| Previous Weekly Low | 22.93 |
| Previous Monthly High | 26.14 |
| Previous Monthly Low | 22.68 |
| Daily Fibonacci 38.2% | 23.65 |
| Daily Fibonacci 61.8% | 23.81 |
| Daily Pivot Point S1 | 23.21 |
| Daily Pivot Point S2 | 22.98 |
| Daily Pivot Point S3 | 22.56 |
| Daily Pivot Point R1 | 23.86 |
| Daily Pivot Point R2 | 24.28 |
| Daily Pivot Point R3 | 24.51 |
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