#XAGUSD @ 23.679 Silver price reverses the previous day’s corrective bounce off weekly low., @nehcap view: Slow recovery expected (Pivot Orderbook analysis)

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• Silver price reverses the previous day’s corrective bounce off weekly low.
• Sluggish MACD signals, multiple failures to cross the two-week-old descending trend line favor bears.
• XAG/USD buyers need to portray successful trading beyond $24.00.

The pair currently trades last at 23.679.

The previous day high was 23.77 while the previous day low was 22.97. The daily 38.2% Fib levels comes at 23.46, expected to provide support. Similarly, the daily 61.8% fib level is at 23.28, expected to provide support.

Silver price (XAG/USD) remains sidelined near the mid-$23.00s amid early Wednesday’s sluggish Asian session.

In doing so, the bright metal struggles to defend the previous day’s rebound from $23.00, the first positive day in four, while retreating from the 100-bar Simple Moving Average (SMA), around $23.70 by the press time.

Also keeping the XAG/USD bears hopeful are the sluggish MACD signals that challenge Tuesday’s corrective bounce.

It’s worth noting that the metal’s sustained run-up beyond the $23.70 hurdle also may not convince the Silver buyers as a downward-sloping resistance line from January 16, near $23.85 at the latest, challenges the metal’s advances.

Additionally, acting as an upside filter is the $24.0 round figure, a break of which could quickly propel the XAG/USD price towards the previous monthly peak near $24.55.

On the flip side, Silver’s pullback moves again highlight the $23.00 round figure ahead of the previous weekly low near $22.75.

In a case where XAG/USD bears keep the reins past $22.75, December 2022 bottom surrounding $22.00 will be in focus.

Overall, Silver price remains on the buyer’s radar despite the latest failures to cross short-term key hurdles.

Trend: Slow recovery expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.67 at the time of writing. Pair opened at 23.74 and is trading with a change of -0.29% % .

The pair is trading below its 20 Daily moving average @ 23.74, above its 50 Daily moving average @ 23.32 , above its 100 Daily moving average @ 21.58 and above its 200 Daily moving average @ 21.01

The previous day high was 23.77 while the previous day low was 22.97. The daily 38.2% Fib levels comes at 23.46, expected to provide support. Similarly, the daily 61.8% fib level is at 23.28, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 23.22, 22.7, 22.42
• Pivot resistance is noted at 24.01, 24.29, 24.81

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