Silver price continues to remain stagnant within a symmetrical triangle that has been ongoing for two weeks. Nehcap expects the price to rise further in the future.

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• Silver price remains sidelined with fortnight-old symmetrical triangle.

The pair currently trades last at 22.763.

The previous day high was 22.84 while the previous day low was 22.35. The daily 38.2% Fib levels comes at 22.65, expected to provide support. Similarly, the daily 61.8% fib level is at 22.54, expected to provide support.

Silver Price (XAG/USD) fades the previous day’s upside momentum as it treads water around $22.75 amid the early hours of Monday’s Asian session. In doing so, the XAG/USD fails to extend Friday’s upside break of the 50-SMA while retreating within a two-week-old symmetrical triangle.

Although the top line of the stated triangle challenges the Silver Price upside, the quote’s 50-SMA breakout joins the bullish MACD signals to keep buyers hopeful unless the prices break the immediate SMA support of around $22.65.

Even if the quote breaks the stated SMA support, the bottom line of the immediate triangle, close to $22.35 at the latest, will challenge the Silver Price sellers before giving them control.

Following that, lows marked during the last March and the last week, around $22.15-10, will precede the $22.00 round figure to challenge the XAG/USD bears before directing them to the early March swing high of around $21.30.

On the flip side, a clear break of the stated triangle’s top line, close to $22.85, will quickly propel the Silver Price towards the 12-day-old horizontal resistance around $23.25. Also acting as the short-term upside hurdle is the 100-SMA level of near $23.30.

In a case where the Silver Price remains firmer past $23.30, the odds of witnessing a run-up toward the monthly high of $24.52 can’t be ruled out.

Trend: Further upside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 22.75 at the time of writing. Pair opened at 22.76 and is trading with a change of -0.04% % .

The pair is trading below its 20 Daily moving average @ 23.35, below its 50 Daily moving average @ 23.94 , below its 100 Daily moving average @ 23.35 and above its 200 Daily moving average @ 22.57

The previous day high was 22.84 while the previous day low was 22.35. The daily 38.2% Fib levels comes at 22.65, expected to provide support. Similarly, the daily 61.8% fib level is at 22.54, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 22.46, 22.15, 21.96
• Pivot resistance is noted at 22.95, 23.14, 23.45

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