The price of silver, represented by XAGUSD, has broken a three-day losing streak by bouncing back from a support line that has been rising for 1.5 months. In the opinion of Nehcap, a pullback is anticipated.

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• Silver Price snaps three-day losing streak by recovering from 1.5-month-old rising support line.

The pair currently trades last at 23.593.

The previous day high was 24.49 while the previous day low was 23.64. The daily 38.2% Fib levels comes at 23.97, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.17, expected to provide resistance.

Silver Price (XAG/USD) prints the first daily gains in four as it rebounds from the lowest level in three weeks amid early Friday in Asia. In doing so, the XAG/USD prints mild gains around $23.60 while bouncing off an upward-sloping support line from June 23.

Adding credence to the corrective bounce could be the US Dollar’s consolidation ahead of the US employment report for June.

Also read: Forex Today: A cautions tone ahead of NFP

However, a convergence of the 50-DMA and 38.2% Fibonacci retracement of the metal’s March-May upside, near $23.75, appears the key upside hurdle to watch during the further recovery of the Silver Price.

Even if the precious metal manages to cross the $23.75 hurdle, the late July swing low of around $24.05 and June’s peak of near $24.55 can act as additional upside filters before giving control to the XAG/USD buyers.

Following that, July’s high of around $25.30 will be the last defense of the Silver sellers before challenging the yearly peak of near $26.15 marked in May.

On the flip side, a daily closing beneath the stated immediate support line, close to $23.45 at the latest, won’t provide open invitations to the Silver bears as the 200-DMA can prod a further downside near $23.15.

In a case where the XAG/USD remains bearish past $23.15, an ascending trend line from March and a 50% Fibonacci retracement together highlight the $23.00 round figure as the key support to watch for bears.

Trend: Pullback expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.61 at the time of writing. Pair opened at 23.73 and is trading with a change of -0.51% % .

The pair is trading below its 20 Daily moving average @ 24.28, below its 50 Daily moving average @ 23.7 , below its 100 Daily moving average @ 24.01 and above its 200 Daily moving average @ 23.13

The previous day high was 24.49 while the previous day low was 23.64. The daily 38.2% Fib levels comes at 23.97, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.17, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 23.42, 23.11, 22.57
• Pivot resistance is noted at 24.26, 24.8, 25.11

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