The price of silver, represented by XAGUSD, started the trading week on a negative note by reversing the previous day’s increase at the weekly peak. However, according to @nehcap’s perspective, there is not much potential for a significant decrease in the price.

…
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 begins trading week on a back foot, reverses the previous day’s run-up at weekly top.

The pair currently trades last at 24.117.

The previous day high was 24.21 while the previous day low was 23.84. The daily 38.2% Fib levels comes at 24.07, expected to provide support. Similarly, the daily 61.8% fib level is at 23.98, expected to provide support.

Silver Price (XAG/USD) consolidates the previous day’s gains, the biggest in over a week, while easing within a two-week-old descending triangle formation during early Monday. In doing so, the bright metal drops to $24.05 by reversing from the triangle’s top line.

In addition to the pullback from the aforementioned triangle’s upper line, the RSI’s retreat from the above-50.0 region also favors the XAG/USD price pullback.

However, the 100-SMA and the stated triangle’s bottom line, respectively near $23.70 and $23.20, limit the short-term downside of the Silver price. Also challenging the XAG/USD bears are the bullish MACD signals.

Should the Silver Price remains bearish past $23.20, the $23.00 threshold may act as an extra filter towards the south before directing the bears to the previous monthly low of around $22.70.

Alternatively, XAG/USD recovery needs validation from the triangle’s breakout towards the north. In that case, the previously stated resistance line, around $24.20, will be in the spotlight.

Even so, a sustained break of the 50% Fibonacci retracement of the metal’s May 05-25 downturn, near $24.45, quickly followed by the $24.50 round figure, will be necessary to convince the Silver buyers.

Overall, Silver price consolidates recent gains amid a sluggish Asian session on the Juneteenth holiday in the US.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 24.08 at the time of writing. Pair opened at 24.2 and is trading with a change of -0.50% % .

The pair is trading above its 20 Daily moving average @ 23.63, below its 50 Daily moving average @ 24.43 , above its 100 Daily moving average @ 23.36 and above its 200 Daily moving average @ 22.4

The previous day high was 24.21 while the previous day low was 23.84. The daily 38.2% Fib levels comes at 24.07, expected to provide support. Similarly, the daily 61.8% fib level is at 23.98, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 23.96, 23.71, 23.58
• Pivot resistance is noted at 24.33, 24.46, 24.7

[/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