#XAGUSD @ 18.743 Silver price fails to extend two-day uptrend, eases from intraday top of late., @nehcap view: Further weakness expected (Pivot Orderbook analysis)

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• Silver price fails to extend two-day uptrend, eases from intraday top of late.
• 50-HMA adds strength to the weekly triangle’s support.
• Hidden bearish RSI divergence teases XAG/USD sellers but break of $18.60 is necessary.

The pair currently trades last at 18.743.

The previous day high was 18.93 while the previous day low was 18.55. The daily 38.2% Fib levels comes at 18.78, expected to provide resistance. Similarly, the daily 61.8% fib level is at 18.69, expected to provide support.

Silver price (XAG/USD) remains sidelined around $18.75-80, fading the two-day uptrend during Wednesday’s Asian session as the bright metal trades inside a weekly symmetrical triangle.

The bullion’s latest inaction could be linked to the mixed technical signals as the 50-HMA defends buyers but hidden bearish RSI divergence and the sustained trading below 200-HMA keeps the XAG/USD sellers hopeful. Also acting as an upside filter is the descending trend line from October 04, near $19.50 by the press time.

Hence, the commodity prices are likely to remain sideways unless breaking the aforementioned triangle, currently between $18.90 and $18.65. However, the odds favoring the downside are high.

That said, a clear downside break of $18.65 could quickly drag the XAG/USD price toward the monthly low of $18.08. Following that, the yearly low marked in September at around $17.55 will be in focus.

On the flip side, silver buyers’ dominance past $18.90 will need validation from the $19.00 threshold to aim for the 200-HMA level surrounding $19.25. Even so, the previously stated two-week-old resistance line will challenge the bulls around $19.50.

In a case where XAG/USD remains firmer past $19.50, the $20.00 psychological magnet and the monthly peak of $21.25 should gain the market’s attention.

Trend: Further weakness expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 18.73 at the time of writing. Pair opened at 18.73 and is trading with a change of 0.00% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 19.36, 50 SMA 19.25, 100 SMA @ 19.79 and 200 SMA @ 21.77.

The previous day high was 18.93 while the previous day low was 18.55. The daily 38.2% Fib levels comes at 18.78, expected to provide resistance. Similarly, the daily 61.8% fib level is at 18.69, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 18.54, 18.36, 18.16
• Pivot resistance is noted at 18.92, 19.12, 19.3

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