#XAGUSD @ 21.714 Silver price holds lower ground near intraday bottom, snaps two-day winning streak., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• Silver price holds lower ground near intraday bottom, snaps two-day winning streak.
• U-turn from key moving average, Fibonacci retracement level joins bearish MACD signals to favor XAG/USD bears.
• 61.8% Fibonacci retracement adds to the upside filters, $21.40 acts as immediate support.

The pair currently trades last at 21.714.

The previous day high was 21.91 while the previous day low was 21.55. The daily 38.2% Fib levels comes at 21.77, expected to provide resistance. Similarly, the daily 61.8% fib level is at 21.69, expected to provide support.

Silver price (XAG/USD) remains depressed around $21.70 during the first loss-making day in three heading into Tuesday’s European session. In doing so, the bright metal portrays a clear reversal from the 200-Hour Moving Average (HMA), as well as the 50% Fibonacci retracement level of its moves between February 09 and 17.

Not only the U-turn from the key technical hurdles but the bearish MACD signals also keep XAG/USD sellers hopeful.

With this, the precious metal’s further declines toward one-week-old horizontal support near $21.40 appear imminent.

However, the monthly low near $21.20 and the 61.8% Fibonacci Expansion (FE) of the metal’s moves from February 09 to 20, around the $21.00 threshold, could challenge the Silver bears.

In a case where the metal remains bearish past $21.00, the odds of witnessing a slump toward the $20.00 psychological magnet can’t be ruled out.

Alternatively, the 200-HMA and the 50% Fibonacci retracement level, respectively close to $21.85 and $21.90, restrict short-term recovery of the XAG/USD.

Following that, the $22.00 round figure will precede the 61.8% Fibonacci retracement level, also known as the gold Fibonacci ratio, could challenge the Silver buyers around $22.05.

Should the XAG/USD remains firmer past $22.05, the February 10 swing high near $22.30 could act as the last defense of the bears.

Trend: Further downside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 21.72 at the time of writing. Pair opened at 21.82 and is trading with a change of -0.46% % .

The pair is trading below its 20 Daily moving average @ 22.68, below its 50 Daily moving average @ 23.31 , below its 100 Daily moving average @ 21.99 and above its 200 Daily moving average @ 21.02

The previous day high was 21.91 while the previous day low was 21.55. The daily 38.2% Fib levels comes at 21.77, expected to provide resistance. Similarly, the daily 61.8% fib level is at 21.69, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 21.61, 21.4, 21.26
• Pivot resistance is noted at 21.97, 22.12, 22.33

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