Silver is experiencing consistent downward pressure in trading for the fifth consecutive day on Tuesday, with heavy selling activities.

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• Silver remains under heavy selling pressure for the fifth straight day on Tuesday.

The pair currently trades last at 23.609.

The previous day high was 24.3 while the previous day low was 23.96. The daily 38.2% Fib levels comes at 24.09, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.17, expected to provide resistance.

Silver prolongs last week’s rejection slide from the $25.00 psychological mark, or over a one-month peak and continues to lose ground for the fifth successive day on Tuesday. The downfall remains uninterrupted through the early European session and drags the white metal to a two-week low, around the $23.65 region in the last hour.

From a technical perspective, sustained break and acceptance below the $23.80-$23.75 area, representing the 200-period Simple Moving Average (SMA) on the 4-hour chart could be seen as a fresh trigger for bearish traders. Moreover, oscillators on the daily chart have just started gaining negative traction and support prospects for a further near-term depreciating move. That said, the Relative Strength Index (RSI) on hourly charts is flashing oversold conditions and might assist the XAG/USD to consolidate near current levels, representing the 50% Fibonacci retracement level of $22.25-$25.00 rally.

A convincing break below, however, will make silver vulnerable to accelerate the fall towards the 61.8% Fibo. level, around the $23.30-$23.25 region en route to the $23.00 round-figure mark. The downward trajectory could get extended further and drag the XAG/USD further below the $22.65-$22.60 area, towards challenging a strong horizontal support near the $22.20-$22.10 zone.

On the flip side, the 200-period SMA breakpoint, around the $23.75-$23.80 region, now seems to act as an immediate barrier ahead of the $24.00 round-figure mark. The latter represents the 38.2% Fibo. level, above which a bout of a short-covering move has the potential to lift the XAG/USD towards the 23.6% Fibo. level, around the $24.30-$24.35 area. Some follow-through buying might expose a four-month-old descending trend line resistance, currently near the $24.70-$24.75 zone. A sustained breakthrough, leading to a subsequent strength beyond the $25.00 mark, might shift the bias in favour of bullish traders.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.68 at the time of writing. Pair opened at 24.0 and is trading with a change of -1.33 % .

The pair is trading above its 20 Daily moving average @ 23.47, below its 50 Daily moving average @ 23.7 , below its 100 Daily moving average @ 23.92 and above its 200 Daily moving average @ 23.44

The previous day high was 24.3 while the previous day low was 23.96. The daily 38.2% Fib levels comes at 24.09, 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 23.88, 23.76, 23.55
• Pivot resistance is noted at 24.21, 24.42, 24.54

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