#XAGUSD @ 21.312 Silver price remains pressured around intraday low, prints three-day downtrend., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• Silver price remains pressured around intraday low, prints three-day downtrend.
• 200-DMA break, easing bullish bias of MACD keeps sellers hopeful.
• XAGUSD bulls have a bumpy road ahead unless crossing June’s peak.

The pair currently trades last at 21.312.

The previous day high was 22.05 while the previous day low was 21.4. The daily 38.2% Fib levels comes at 21.65, expected to provide resistance. Similarly, the daily 61.8% fib level is at 21.8, expected to provide resistance.

Silver price (XAGUSD) takes offers to refresh intraday low near $21.35 during the three-day downtrend amid early Thursday.

In doing so, the bright metal justifies the previous day’s downside break of the 200-DMA, as well as the receding bullish bias of the Moving Average Convergence and Divergence (MACD) indicator.

With this, the XAGUSD bears are all set to retest the resistance-turned-support line stretched from early August, around $21.20. Also increasing the importance of the stated support is the previous monthly high.

Should the commodity prices remain bearish past $21.20, the $21.00 round figure and August month’s high near $21.85 will be on the silver bear’s radar.

It should be noted that the 61.8% Fibonacci retracement level of the metal’s downside between June and September, around $20.60, could act as the last defense of the XAGUSD bears before directing them to the $20.00 key support comprising 50% Fibonacci retracement level.

Meanwhile, recovery moves remain elusive unless the quote stays below the 200-DMA level of $21.45.

Even so, the $22.00 threshold and the monthly high near $22.25 could challenge the silver buyers before highlighting June’s monthly top surrounding $22.50.

Trend: Further downside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 21.38 at the time of writing. Pair opened at 21.44 and is trading with a change of -0.28% % .

The pair is trading above its 20 Daily moving average @ 20.25, above its 50 Daily moving average @ 19.69 , above its 100 Daily moving average @ 19.49 and below its 200 Daily moving average @ 21.45

The previous day high was 22.05 while the previous day low was 21.4. The daily 38.2% Fib levels comes at 21.65, expected to provide resistance. Similarly, the daily 61.8% fib level is at 21.8, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 21.21, 20.98, 20.55
• Pivot resistance is noted at 21.86, 22.28, 22.52

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