The price of silver (XAGUSD) has been stagnant and hovering between the 21-day moving average and the 50-day moving average at 24.017. It has recently seen slight increases in value, but overall it has remained neutral. The opinion of @nehcap is that the trend has been sideways.

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• Silver Price remains sidelined between 21-DMA and 50-DMA, prints mild gains of late.

The pair currently trades last at 24.017.

The previous day high was 24.2 while the previous day low was 23.89. The daily 38.2% Fib levels comes at 24.01, expected to provide support. Similarly, the daily 61.8% fib level is at 24.08, expected to provide resistance.

Silver Price (XAG/USD) picks up bids to reverse the week-start losses around $24.00, up 0.20% intraday amid the early hours of Tuesday’s Asian session. In doing so, the bright metal justifies bullish MACD signals and the upbeat RSI (14) line while ignoring a downside break of the three-week-old rising trend line.

It should be noted that the XAG/USD remains sidelined between the 21-DMA and the 50-DMA since May 08 and hence the latest downside break of the trend line support, now immediate resistance near $24.10, may not impress the bears.

Even if the Silver Price rises past the $24.10 hurdle, the 50-DMA resistance of around $24.40 and the monthly high of near $24.55 can challenge the XAG/USD bulls.

In a case where the Silver Price remains firmer past $24.55, the odds of witnessing a run-up toward the yearly high of close to $26.15 can’t be ruled out. Though, the $25.00 round figure may offer an intermediate halt during the rise.

Alternatively, the 21-DMA support of $23.65 restricts the immediate downside of the Silver Price before highlighting the previous weekly low surrounding $23.20 and the $23.00 round figure.

Following that, May’s low of $22.70 and the 61.8% Fibonacci retracement of its March-May upside, near $22.30, should act as the last defense of the XAG/USD bulls before giving control to the bears.

Overall, Silver price is likely to witness intraday weakness but the moves are likely to remain within the aforementioned DMA envelope.

Trend: Sideways

Technical Levels: Supports and Resistances

XAGUSD currently trading at 24.01 at the time of writing. Pair opened at 23.95 and is trading with a change of 0.25% % .

The pair is trading above its 20 Daily moving average @ 23.64, below its 50 Daily moving average @ 24.41 , above its 100 Daily moving average @ 23.36 and above its 200 Daily moving average @ 22.43

The previous day high was 24.2 while the previous day low was 23.89. The daily 38.2% Fib levels comes at 24.01, expected to provide support. Similarly, the daily 61.8% fib level is at 24.08, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 23.82, 23.7, 23.51
• Pivot resistance is noted at 24.14, 24.33, 24.46

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