#XAGUSD @ 21.499 Silver price remains sluggish after posting the biggest daily loss in two weeks., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• Silver price remains sluggish after posting the biggest daily loss in two weeks.
• Clear U-turn from 100-DMA, bearish MACD signals favor XAG/USD sellers.
• Buyers need daily closing beyond $22.60 to retake control.

The pair currently trades last at 21.499.

The previous day high was 21.98 while the previous day low was 21.65. The daily 38.2% Fib levels comes at 21.85, expected to provide resistance. Similarly, the daily 61.8% fib level is at 21.77, expected to provide resistance.

Silver price (XAG/USD) struggles for clear directions at the weekly low surrounding $21.50 during early Thursday, after posting the biggest daily slump in a fortnight.

Although the early hours of the day restrict the metal’s moves, the XAG/USD remains on the bear’s radar while observing the previous day’s clear U-turn from the 100-DMA hurdle. Adding strength to the downside bias are the bearish MACD signals.

As a result, the Silver price is well-set to test the 200-DMA support of $21.00. However, the 50% Fibonacci retracement level of the metal’s upside from October 2022 to February 2023, around $21.35 will precede the latest swing low near $21.20 to probe the immediate downside.

In a case where the Silver bears dominate past 200-DMA, the 61.8% Fibonacci retracement level around $20.60, also known as the golden Fibonacci ratio, could act as an intermediate halt during the quote’s likely fall toward the $20.00 psychological magnet.

On the flip side, the Silver buyers are less likely to get convinced even if the metal offers a daily closing beyond the 100-DMA hurdle of $22.00.

That said, the 38.2% Fibonacci retracement and an 11-week-old horizontal resistance area, respectively near $22.15 and $22.55-60, could act as the last defense of the XAG/USD bears.

Overall, the Silver price is likely to remain bearish despite the latest inaction.

Trend: Further downside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 21.52 at the time of writing. Pair opened at 21.84 and is trading with a change of -1.47 % .

The pair is trading below its 20 Daily moving average @ 22.59, below its 50 Daily moving average @ 23.27 , below its 100 Daily moving average @ 22.0 and above its 200 Daily moving average @ 21.02

The previous day high was 21.98 while the previous day low was 21.65. The daily 38.2% Fib levels comes at 21.85, expected to provide resistance. Similarly, the daily 61.8% fib level is at 21.77, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 21.67, 21.49, 21.34
• Pivot resistance is noted at 22.0, 22.15, 22.33

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