#XAGUSD @ 22.265 Silver price pares the biggest daily loss in a year with mild gains., @nehcap view: Recovery expected (Pivot Orderbook analysis)

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• Silver price pares the biggest daily loss in a year with mild gains.
• Convergence of 100-EMA, 50% Fibonacci retracement level probes bears.
• Downbeat RSI, failure to break key support tease short-term XAG/USD buyers.
• Bulls need to cross 61.8% Fibonacci retracement to retake control.

The pair currently trades last at 22.265.

The previous day high was 23.61 while the previous day low was 22.29. The daily 38.2% Fib levels comes at 22.79, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.1, expected to provide resistance.

Silver price (XAG/USD) remains on the recovery mode as it prints mild gains around $22.40 during early Monday morning in Asia. In doing so, the bright metal pares the biggest daily loss in a year at the lowest levels in two months.

The 100-day Exponential Moving Average (EMA) joins the 50% Fibonacci retracement level of the metal’s March-September 2022 downturn to highlight the $22.30-25 support confluence that recently triggered the XAG/USD rebound.

Adding strength to the recovery moves is the downbeat RSI (14) that challenges Silver bears.

However, bearish MACD signals join the quote’s sustained downside break of the 61.8% Fibonacci retracement level surrounding $23.40, also known as the golden level, which keeps the Silver bears hopeful.

Even if the XAG/USD manages to cross the $23.40 hurdle, a one-month-old horizontal resistance area around $24.55-65 will be crucial for the bulls to cross to retake control.

Alternatively, a downside break of the $22.30-25 support confluence has another chance of pushing back the Silver bears in the form of the 200-EMA, close to $21.95 by the press time.

In a case where XAG/USD remains bearish past $21.95, the previous resistance line from the last March, near $20.80, will be in focus.

Trend: Recovery expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 22.35 at the time of writing. Pair opened at 22.35 and is trading with a change of 0.00% % .

The pair is trading below its 20 Daily moving average @ 23.69, below its 50 Daily moving average @ 23.42 , above its 100 Daily moving average @ 21.69 and above its 200 Daily moving average @ 21.02

The previous day high was 23.61 while the previous day low was 22.29. The daily 38.2% Fib levels comes at 22.79, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.1, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 21.89, 21.43, 20.58
• Pivot resistance is noted at 23.21, 24.06, 24.52

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