The price of silver with XAGUSD symbol at 23.913 is still facing pressure even though it has stopped falling for three days. According to the analysis of Nehcap, there is a prediction that the price will not drop significantly further.

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• Silver Price remains pressured after snapping three-day downtrend.

The pair currently trades last at 23.913.

The previous day high was 24.4 while the previous day low was 23.6. The daily 38.2% Fib levels comes at 23.91, expected to provide support. Similarly, the daily 61.8% fib level is at 24.1, expected to provide resistance.

Silver Price (XAG/USD) takes offers to reverse the previous day’s corrective bounce by renewing its intraday low to around $23.90 early Thursday in Asia. In doing so, the XAG/USD fades bounce off a three-week-old ascending support line, as well as the 21-DMA.

It’s worth noting, however, that the bullish MACD signals and the steady RSI near the 50.0 level keep suggesting the Silver Price grind towards the north.

Hence, the XAG/USD sellers need to wait for a clear downside break of the aforementioned support line stretched from late May and the 21-DMA, respectively near $23.75 and $23.60.

Even so, the 100-DMA support of $23.35, the $23.00 round figure and May’s low of $22.70 could challenge the Silver bears before giving them control.

On the flip side, XAG/USD buyers need to provide a daily closing beyond the 50-DMA hurdle of around $24.45. That said, the $24.00 round figure appears immediate resistance for the Silver Price.

It should be noted that the late April low of around $24.50 acts as an extra filter towards the north.

To sum up, the Silver Price remains on the bull’s radar despite the latest retreat.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.9 at the time of writing. Pair opened at 23.67 and is trading with a change of 0.97% % .

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 @ 22.32

The previous day high was 24.4 while the previous day low was 23.6. The daily 38.2% Fib levels comes at 23.91, expected to provide support. Similarly, the daily 61.8% fib level is at 24.1, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 23.38, 23.09, 22.58
• Pivot resistance is noted at 24.18, 24.7, 24.99

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