The price of silver, represented by XAGUSD, has gained interest to recover from its losses at the start of the week and rebounded from the 100-hourly moving average. Nehcap’s opinion is that there will be more upward movement anticipated.

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]

• Silver Price picks up bids to reverse week-start losses, bounce off 100-HMA.

The pair currently trades last at 24.088.

The previous day high was 24.53 while the previous day low was 24.2. The daily 38.2% Fib levels comes at 24.4, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.32, expected to provide resistance.

Silver Price (XAG/USD) remains on the front foot around $24.10 as it renews its intraday high to reverse the week-start losses amid early Tuesday in Asia.

In doing so, the bright metal extends the late Monday’s rebound from the 100-Hour Moving Average (HMA). Adding strength to the upside momentum are the bullish signals on the MACD indicator and a near 50 level of the RSI (14) line.

However, the 50-HMA and a falling trend line from Friday join the market’s likely cautious mood ahead of the US Consumer Price Index (CPI) for May to challenge the Silver Price upside past the $24.20 resistance confluence.

Also read: US Inflation Preview: Why the US Dollar is more likely to fall than rise, three scenarios

That said, a clear upside break of $24.20 won’t hesitate to challenge the monthly high marked on Friday around $24.52 while targeting the $25.00 round figure.

It’s worth noting that the Silver Price upside beyond $25.00 will be critical as it will enable the bulls to once again prod the tops marked in April and May, around $26.10-15.

Meanwhile, the $24.00 round figure restricts immediate declines of the Silver prices ahead of the 100-HMA support of around $23.95.

Even if the XAG/USD bears manage to conquer the $23.95 support, the 200-HMA and an upward-sloping support line from May 26, respectively near $23.80 and $23.65, will limit the downside move before giving control to the sellers.

Trend: Further upside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 24.09 at the time of writing. Pair opened at 24.29 and is trading with a change of -0.82% % .

The pair is trading above its 20 Daily moving average @ 23.58, below its 50 Daily moving average @ 24.49 , above its 100 Daily moving average @ 23.35 and above its 200 Daily moving average @ 22.26

The previous day high was 24.53 while the previous day low was 24.2. The daily 38.2% Fib levels comes at 24.4, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.32, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 24.15, 24.01, 23.82
• Pivot resistance is noted at 24.48, 24.67, 24.81

[/s2If]
Nehcap Expert Advisor
The NEHCAP MT4 EA is high quality professional trading system geared to generate returns without using GRID or martingales. Each trade has strict risk per trade parameter. The pairs under management include EURUSD, GBPUSD, AUDCAD, AUDNZD,GBPAUD, EURAUD, EURCAD, CHFJPY and many more.
The system is trading live: LIVE ACCOUNT TRACKING
You can run it free. Apply for a free trial and track our account. Buy the system or use profit share mechanism to generate returns on your MT4.
Join Our Telegram Group