#XAGUSD @ 23.540 Silver price remains pressured around one-month-old ascending support line., @nehcap view: Further weakness expected (Pivot Orderbook analysis)

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• Silver price remains pressured around one-month-old ascending support line.
• Fortnight-long horizontal region, 100-SMA adds to the immediate downside filters.
• Bearish MACD signals keep sellers hopeful but further declines hinge on $23.35 breakdown.
• Bulls need validation from $24.30 to retake control.

The pair currently trades last at 23.540.

The previous day high was 24.28 while the previous day low was 23.79. The daily 38.2% Fib levels comes at 24.1, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.98, expected to provide resistance.

Silver price (XAG/USD) stays depressed around $23.55 as bears poke the monthly support line during early Thursday. It’s worth noting that the bright metal dropped the most in two weeks the previous day.

Given the metal’s sustained downside break of the previous support line from December 16 and the bearish MACD signals, the XAG/USD price is likely to break the immediate support line close to $23.50.

However, a two-week-old horizontal area comprising the 100-SMA, between $23.35 and $23.45, appears a tough nut to crack for the silver bears.

Should the commodity price breaks the $23.35 support, the odds of witnessing a slump to $23.00 can’t be ruled out.

Following that, the mid-month swing low of $22.55 and the monthly bottom surrounding $22.00 will gain the market’s attention.

Meanwhile, recovery moves may initially aim for the two-wee-old support-turned-resistance line near the $24.00 round figure before eyeing the double tops surrounding $24.30.

It should be noted, however, that the XAG/USD run-up beyond $24.30 won’t hesitate to poke the $25.00 round figure. Though, April’s top surrounding $26.25 could challenge the Silver buyers afterward.

Overall, the Silver price is likely to remain bearish but the quote’s further downside hinges on a $23.35 breakdown.

Trend: Further weakness expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.54 at the time of writing. Pair opened at 24.04 and is trading with a change of -2.08% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 23.26, 50 SMA 21.58, 100 SMA @ 20.42 and 200 SMA @ 21.15.

The previous day high was 24.28 while the previous day low was 23.79. The daily 38.2% Fib levels comes at 24.1, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.98, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 23.79, 23.55, 23.3
• Pivot resistance is noted at 24.29, 24.53, 24.78

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