#XAGUSD @ 22.325 Silver price remains firmer at the highest levels in six months., @nehcap view: Limited upside expected (Pivot Orderbook analysis)

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• Silver price remains firmer at the highest levels in six months.
• Clear break of descending trend line from March, sustained bounce off 200-day EMA favor bulls.
• June’s peak could challenge further upside as RSI approaches overbought territory.

The pair currently trades last at 22.325.

The previous day high was 22.2 while the previous day low was 21.2. The daily 38.2% Fib levels comes at 21.81, expected to provide support. Similarly, the daily 61.8% fib level is at 21.58, expected to provide support.

Silver price (XAG/USD) renews a six-month high of around $22.40 early Thursday, after crossing the key resistance line stretched from March.

The bright metal registered the biggest daily jump in three weeks the previous day while portraying a sustained bounce from the 200-day Exponential Moving Average (EMA).

However, the nearly overbought Relative Strength Index (RSI) line, placed at 14, challenges the XAG/USD bulls as they approach June’s peak surrounding $22.50.

Hence, a daily closing beyond the same becomes necessary for the Silver buyers to keep control.

In that case, May’s peak near $23.30 and March’s low around $24.00 could lure the XAG/USD bulls.

On the flip side, pullback moves remain elusive unless staying beyond the aforementioned eight-month-old resistance-turned-support line, currently around $22.15.

Following that, October’s high near $21.25 and the 200-day EMA level surrounding $21.00 could challenge Silver sellers.

Also acting as the downside filter is August month’s high near $20.85 and May’s low near $20.45.

Overall, the Silver price remains on the buyer’s radar but the metal’s further upside hinges on a $22.50 breakout.

Trend: Limited upside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 22.27 at the time of writing. Pair opened at 22.2 and is trading with a change of 0.32% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 21.23, 50 SMA 20.07, 100 SMA @ 19.67 and 200 SMA @ 21.33.

The previous day high was 22.2 while the previous day low was 21.2. The daily 38.2% Fib levels comes at 21.81, expected to provide support. Similarly, the daily 61.8% fib level is at 21.58, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 21.53, 20.87, 20.54
• Pivot resistance is noted at 22.53, 22.86, 23.52

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