#XAGUSD @ 18.540 Silver price jumps back beyond 61.8% Fibonacci retracement, off from two-week low., @nehcap view: Limited recovery expected (Pivot Orderbook analysis)

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• Silver price jumps back beyond 61.8% Fibonacci retracement, off from two-week low.
• RSI, MACD suggests further upside towards weekly resistance line.
• Convergence of 200-SMA, previous support line from early September challenge bulls.
• Sellers should break $18.30 before retaking the control.

The pair currently trades last at 18.540.

The previous day high was 19.03 while the previous day low was 18.33. The daily 38.2% Fib levels comes at 18.6, expected to provide resistance. Similarly, the daily 61.8% fib level is at 18.77, expected to provide resistance.

Silver price (XAG/USD) extends recovery from a fortnight low to $18.55 during early Tuesday morning in Europe.

In doing so, the bright metal regains its place beyond the 61.8% Fibonacci retracement level of September 01-12 upside, after a brief fall the previous day.

Given the receding bearish bias of the MACD and the recently improving RSI (14) from the oversold territory, the XAG/USD prices are likely to approach a downward sloping resistance line from Friday, close to $18.70 at the latest.

However, a confluence of the 200-SMA and the support-turned-resistance line from September 01, close to $19.10, appears a tough nut to crack for the metal sellers.

If at all the silver price rallies beyond $19.10, the upside momentum won’t hesitate to challenge the monthly peak near $20.00.

Alternatively, the 61.8% Fibonacci retracement level of $18.50 acts as immediate support for the metal traders to watch for fresh impulse.

Also acting as the downside filter is the broad horizontal support around $18.30-35, established on August 30.

Trend: Limited recovery expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 18.53 at the time of writing. Pair opened at 18.36 and is trading with a change of 0.93% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 18.85, 50 SMA 19.3, 100 SMA @ 20.15 and 200 SMA @ 22.04.

The previous day high was 19.03 while the previous day low was 18.33. The daily 38.2% Fib levels comes at 18.6, expected to provide resistance. Similarly, the daily 61.8% fib level is at 18.77, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 18.12, 17.87, 17.42
• Pivot resistance is noted at 18.82, 19.28, 19.52

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