The price of silver, represented by #XAGUSD at 22.745, is experiencing selling pressure to undo the earlier rebound from Wednesday. This decline coincides with a reversal from the 50-day simple moving average. According to the perspective of @nehcap, it is anticipated that the price will continue to decrease in the near future.

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• Silver Price takes offers to reverse late Wednesday’s corrective bounce while reversing from 50-SMA.

The pair currently trades last at 22.745.

The previous day high was 22.96 while the previous day low was 22.56. The daily 38.2% Fib levels comes at 22.72, expected to provide support. Similarly, the daily 61.8% fib level is at 22.81, expected to provide resistance.

Silver Price (XAG/USD) drops to $22.70 as it portrays one more U-turn from the 50-SMA hurdle amid early Thursday. In doing so, the bright metal justifies the firmer US Dollar amid fears of higher rates.

Also read: US Dollar Index: DXY bulls take a breather around 103.00 with eyes on Fed Chair Powell’s speech

That said, the impending bear cross on the MACD and mostly steady RSI (14) line favor the XAG/USD’s latest pullback.

It should be noted that the $22.50 round figure may act as immediate support for the Silver bears to prod ahead of the visiting a downward-sloping support line from late May, close to $22.00 by the press time.

In a case where the XAG/USD remains bearish past $22.00, which is less likely, the bullion sellers may aim for the 61.8% and 78.6% Fibonacci Expansion (FE) of the precious metal’s June 18-27 moves, respectively near $21.70 and $21.35.

On the flip side, a clear break of the 50-SMA hurdle, around $22.95 at the latest, isn’t an invitation to the Silver buyers as the $23.00 round figure can check the upside moves.

Above all, a convergence of the 200-SMA and the 100-SMA, near $23.45-50, appears a tough nut to crack for the Silver buyers to conquer to retake control.

Trend: Further downside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 22.71 at the time of writing. Pair opened at 22.7 and is trading with a change of 0.04% % .

The pair is trading below its 20 Daily moving average @ 23.46, below its 50 Daily moving average @ 24.04 , below its 100 Daily moving average @ 23.34 and above its 200 Daily moving average @ 22.54

The previous day high was 22.96 while the previous day low was 22.56. The daily 38.2% Fib levels comes at 22.72, expected to provide support. Similarly, the daily 61.8% fib level is at 22.81, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 22.52, 22.34, 22.12
• Pivot resistance is noted at 22.92, 23.14, 23.32

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