The price of silver, represented by #XAGUSD, is finding it difficult to maintain its upward trend that has lasted for four days. As a result, it is moving away from its highest levels reached in the past week. The perspective from @nehcap is that a pullback is anticipated.

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• Silver Price struggles to defend four-day uptrend, retreats from the highest levels in a week of late.

The pair currently trades last at 22.881.

The previous day high was 23.1 while the previous day low was 22.75. The daily 38.2% Fib levels comes at 22.97, expected to provide resistance. Similarly, the daily 61.8% fib level is at 22.88, expected to provide support.

Silver Price (XAG/USD) struggles to defend the four-day-old winning streak as it retreats from the weekly top surrounding $23.10 to $22.90 during early Wednesday. In doing so, the bright metal portrays the failure to cross the $23.00 key upside hurdle amid bearish MACD signals.

However, the RSI (14) condition, which is below the 50.0 level, can trigger the Silver Price rebound from the 61.8% Fibonacci retracement, also known as the golden Fibonacci ratio, of the quote’s March-May upside, close to $22.25.

Following that, the $22.00 round figure and the early March swing high of $21.30 may prod the Silver sellers before directing them to the yearly low marked in March around $19.90. It’s worth noting that the $21.00 and the $20.00 round figures may act as intermediate halts during the anticipated fall in the XAG/USD price.

Alternatively, a daily closing beyond the $23.00 resistance confluence comprising the 200-Exponential Moving Average (EMA) and 50% Fibonacci retracement, needs validation from the latest peak of $23.10 to convince the Silver buyers.

Even so, a two-week-old descending resistance line and the previous support line from March, respectively near $23.80 and $23.90, quickly followed by the $24.00 threshold, can prod the XAG/USD upside.

Above all, the Silver buyers should remain cautious unless witnessing a daily closing beyond the horizontal area comprising multiple levels marked since early January 2022, near $24.50-60.

Trend: Pullback expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 22.89 at the time of writing. Pair opened at 22.86 and is trading with a change of 0.13% % .

The pair is trading below its 20 Daily moving average @ 23.5, below its 50 Daily moving average @ 24.1 , below its 100 Daily moving average @ 23.33 and above its 200 Daily moving average @ 22.52

The previous day high was 23.1 while the previous day low was 22.75. The daily 38.2% Fib levels comes at 22.97, expected to provide resistance. Similarly, the daily 61.8% fib level is at 22.88, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 22.71, 22.56, 22.36
• Pivot resistance is noted at 23.05, 23.25, 23.4

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