#XAGUSD @ 23.560 Silver price remains pressured despite softer start of the key week., @nehcap view: Further weakness expected (Pivot Orderbook analysis)

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• Silver price remains pressured despite softer start of the key week.
• Failure to keep the bounce off 50-DMA, bearish MACD signals underpin downside bias.
• Monthly resistance line appears crucial for buyer’s entry.

The pair currently trades last at 23.560.

The previous day high was 24.01 while the previous day low was 23.3. The daily 38.2% Fib levels comes at 23.57, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.74, expected to provide resistance.

Silver price (XAG/USD) holds lower ground near $23.60 as it fades the previous day’s attempt to recover during early Tuesday.

That said, the bright metal refreshed the monthly low the last week but bounced off $22.76. The recovery moves, however, failed to cross a downward-sloping resistance line from January 03, close to $24.30 by the press time, which in turn keeps the bears hopeful.

Not only does the XAG/USD retreat from the key resistance line but bearish MACD signals also favor the sellers.

As a result, the quote is likely to market another attempt at breaking the 50-DMA support, close to $23.30 at the latest.

Even so, upward-sloping support lines from November 03 and 21, respectively near $23.20 and $23.05, as well as the $23.00 round figure, will challenge the bright Silver bears afterward.

If at all the XAG/USD price remains weak past $23.00, the odds of witnessing a fresh monthly low, currently around $22.75, can’t be ruled out.

On the flip side, the $24.00 round figure may entertain the Silver buyers ahead of directing them to the aforementioned monthly resistance line, close to $24.30 by the press time.

Also acting as the short-term key hurdle is the monthly high near $24.50, a break of which could quickly propel Silver price towards the $25.00 threshold and then to the April 2022 peak surrounding $26.25.

Trend: Further weakness expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.57 at the time of writing. Pair opened at 23.56 and is trading with a change of 0.04% % .

The pair is trading below its 20 Daily moving average @ 23.77, above its 50 Daily moving average @ 23.21 , above its 100 Daily moving average @ 21.49 and above its 200 Daily moving average @ 21.01

The previous day high was 24.01 while the previous day low was 23.3. The daily 38.2% Fib levels comes at 23.57, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.74, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 23.24, 22.92, 22.53
• Pivot resistance is noted at 23.95, 24.33, 24.66

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