#XAGUSD @ 21.996 Silver price portrays corrective bounce near 10-week low., @nehcap view: Further weakness expected (Pivot Orderbook analysis)

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• Silver price portrays corrective bounce near 10-week low.
• Clear downside break of weekly trading range, sustained trading below 200-HMA favor XAG/USD sellers.
• Silver buyers should remain cautious unless renewing monthly high.

The pair currently trades last at 21.996.

The previous day high was 22.59 while the previous day low was 21.91. The daily 38.2% Fib levels comes at 22.17, expected to provide resistance. Similarly, the daily 61.8% fib level is at 22.33, expected to provide resistance.

Silver price (XAG/USD) picks up bids to print a corrective bounce off the 2.5-month low around $22.00 early Friday morning. In doing so, the bright metal braces for the fourth weekly loss despite poking the support-turned-resistance.

That said, the metal’s clear break of the weekly trading range joins successful trading below the 200-Hour Moving Average (HMA) to keep the Silver sellers hopeful. Adding strength to the downside bias could be the reference to the metal’s previous fall after breaking the short-term trading range.

Hence, the XAG/USD rebound appears elusive unless crossing the support-turned-resistance line of the latest trading range, near $22.05 by the press time.

Even if the quote rises past $22.05, it won’t be able to lure the buyers unless clearly crossing the 200-HMA hurdle surrounding $22.90.

It’s worth noting that the XAG/USD run-up beyond $22.90 appears bumpy and hence upside hopes remain elusive until the quote stays below the current monthly high of $24.63.

On the contrary, the latest swing low of around $21.85 precedes the November 24, 2022 swing high near $21.65 to restrict short-term Silver price downside.

Following that, the late November low of $20.58 and the $20.00 psychological magnet will gain the market’s attention.

Overall, the Silver price remains bearish despite the latest rebound.

Trend: Further weakness expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 22.01 at the time of writing. Pair opened at 21.96 and is trading with a change of 0.23% % .

The pair is trading below its 20 Daily moving average @ 23.4, below its 50 Daily moving average @ 23.45 , above its 100 Daily moving average @ 21.8 and above its 200 Daily moving average @ 21.01

The previous day high was 22.59 while the previous day low was 21.91. The daily 38.2% Fib levels comes at 22.17, expected to provide resistance. Similarly, the daily 61.8% fib level is at 22.33, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 21.72, 21.48, 21.04
• Pivot resistance is noted at 22.4, 22.84, 23.08

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