#XAGUSD @ 23.595 Silver price renews intraday high to reverse the previous day’s slump to five-week low., @nehcap view: Limited recovery expected (Pivot Orderbook analysis)
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- Silver price renews intraday high to reverse the previous day’s slump to five-week low.
- 200-SMA, bearish chart formation keeps XAG/USD bears hopeful.
- Monthly high acts as the last defense of Silver bears.
The pair currently trades last at 23.595.
The previous day high was 24.16 while the previous day low was 22.76. The daily 38.2% Fib levels comes at 23.3, expected to provide support. Similarly, the daily 61.8% fib level is at 23.62, expected to provide resistance.
Silver price (XAG/USD) picks up bids to refresh intraday high near $23.55 as it bounces off the five-week low marked the previous day. In doing so, the bright metal recovers from the support line of a one-week-long descending trend channel.
As the XAG/USD recovery takes clues from the RSI (14) rebound from the overbought territory, the latest run-up is likely to poke the immediate hurdle, namely the 200-SMA level surrounding $23.65.
However, the quote’s further upside will need validation from the top line of the stated channel, close to $24.10 at the latest.
Even so, the monthly high near $24.55, also the highest level since late April 2022, could challenge the Silver buyers, a break of which won’t hesitate to direct the commodity price towards the April 2022 high near $26.25.
On the contrary, the 61.8% Fibonacci retracement level of the XAG/USD’s upside from December 16 to January 03, around $23.30, restricts immediate declines of the metal.
Following that, the aforementioned bearish chart formation’s support line, near $23.00 by the press time, will be crucial to watch for a corrective bounce.
In a case where the Silver price fails to rebound from $23.00, a slump toward the mid-2022 peak surrounding $22.50 can’t be ruled out.
Trend: Limited recovery expected
Technical Levels: Supports and Resistances
XAGUSD currently trading at 23.54 at the time of writing. Pair opened at 23.45 and is trading with a change of 0.38% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 23.54 |
| 1 | Today Daily Change | 0.09 |
| 2 | Today Daily Change % | 0.38% |
| 3 | Today daily open | 23.45 |
The pair is trading below its 20 Daily moving average @ 23.79, above its 50 Daily moving average @ 23.01 , above its 100 Daily moving average @ 21.28 and above its 200 Daily moving average @ 21.03
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 23.79 |
| 1 | Daily SMA50 | 23.01 |
| 2 | Daily SMA100 | 21.28 |
| 3 | Daily SMA200 | 21.03 |
The previous day high was 24.16 while the previous day low was 22.76. The daily 38.2% Fib levels comes at 23.3, expected to provide support. Similarly, the daily 61.8% fib level is at 23.62, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 22.76, 22.06, 21.36
- Pivot resistance is noted at 24.15, 24.86, 25.55
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 24.16 |
| Previous Daily Low | 22.76 |
| Previous Weekly High | 24.51 |
| Previous Weekly Low | 23.17 |
| Previous Monthly High | 24.30 |
| Previous Monthly Low | 22.03 |
| Daily Fibonacci 38.2% | 23.30 |
| Daily Fibonacci 61.8% | 23.62 |
| Daily Pivot Point S1 | 22.76 |
| Daily Pivot Point S2 | 22.06 |
| Daily Pivot Point S3 | 21.36 |
| Daily Pivot Point R1 | 24.15 |
| Daily Pivot Point R2 | 24.86 |
| Daily Pivot Point R3 | 25.55 |
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