#XAGUSD @ 21.044 Silver price fades bounce off 100-SMA, retreats from three-day-old resistance line., @nehcap view: Further weakness expected (Pivot Orderbook analysis)

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• Silver price fades bounce off 100-SMA, retreats from three-day-old resistance line.
• Bearish RSI divergence keeps sellers hopeful to aim for 200-SMA.
• Monthly support line adds to the downside filters, buyers need validation from $21.30.

The pair currently trades last at 21.044.

The previous day high was 21.02 while the previous day low was 20.58. The daily 38.2% Fib levels comes at 20.75, expected to provide support. Similarly, the daily 61.8% fib level is at 20.85, expected to provide support.

Silver price (XAG/USD) retreats from intraday high as sellers approach $21.00 during early Tuesday morning in Europe.

In doing so, the bright metal eases from a downward sloping trend line from Thursday while consolidating the first daily gains in six.

It’s worth noting that the lower high formation in the last three days join higher-high on the Relative Strength Index (RSI) placed at 14, which in turn portrays a hidden bearish divergence and suggests further downside of the metal.

That said, the 100-SMA level surrounding $20.80 acts as an immediate support ahead of directing the XAG/USD bears towards the $20.00 psychological magnet.

In a case where silver sellers keep the reins past $20.00, the 200-SMA and one-month-old ascending trend line, respectively near $19.95 and $19.80, could challenge the bearish bias for the metal.

Alternatively, sustained trading beyond the aforementioned resistance line, close to $21.15 at the latest, could tease the XAG/USD buyers.

Even so, October’s peak and 23.6% Fibonacci retracement level of the metal’s upside between October and November, near $21.30, could challenge the silver bulls before directing them to the monthly high of $22.25.

Trend: Further weakness expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 21.08 at the time of writing. Pair opened at 20.86 and is trading with a change of 1.05% % .

The pair is trading above its 20 Daily moving average @ 20.52, above its 50 Daily moving average @ 19.8 , above its 100 Daily moving average @ 19.52 and below its 200 Daily moving average @ 21.42

The previous day high was 21.02 while the previous day low was 20.58. The daily 38.2% Fib levels comes at 20.75, expected to provide support. Similarly, the daily 61.8% fib level is at 20.85, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 20.63, 20.39, 20.19
• Pivot resistance is noted at 21.06, 21.25, 21.49

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