#XAGUSD @ 21.712 Silver price prints minor gains inside immediate trading range established from Monday., @nehcap view: Limited downside expected (Pivot Orderbook analysis)

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• Silver price prints minor gains inside immediate trading range established from Monday.
• 200-EMA, three-week-old horizontal resistance restricts short-term XAG/USD moves.
• RSI’s retreat from overbought territory, looming bear cross on MACD lure the Silver sellers.
• Road towards the south appears bumpier; bulls need validation from $22.60.

The pair currently trades last at 21.712.

The previous day high was 21.98 while the previous day low was 21.48. The daily 38.2% Fib levels comes at 21.67, expected to provide support. Similarly, the daily 61.8% fib level is at 21.78, expected to provide resistance.

Silver price (XAG/USD) eases to $21.70 as it pares the intraday gains heading into Wednesday’s European session. In doing so, the bright metal defends a three-day-old trading range even as the bearish signals have recently gained momentum.

That said, the 200-bar Exponential Moving Average (EMA) puts a floor under the XAG/USD price of around $21.60 while a three-week-long horizontal line, around $22.00, restricts the metal’s short-term upside since the last Monday.

It should, however, be noted that the RSI line, placed at 14, eases from the overbought territory and joins the impending bear cross on the MACD signals to tease the Silver sellers.

A horizontal support comprising multiple levels marked since February 17, close to $21.20, could lure the XAG/USD bears on the break of $22.00.

In a case where the bullion remains bearish past $21.20, a fortnight-long broad support zone between $20.30 and $20.40, could challenge the sellers.

Alternatively, a clear upside break of the $22.00 hurdle will need validation from multiple tops marked during early February around $22.60 to convince the Silver buyers.

Overall, the Silver price remains sidelined but the bears are lurking behind the immediate support.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 21.73 at the time of writing. Pair opened at 21.7 and is trading with a change of 0.14 % .

The pair is trading above its 20 Daily moving average @ 21.11, below its 50 Daily moving average @ 22.43 , below its 100 Daily moving average @ 22.25 and above its 200 Daily moving average @ 20.94

The previous day high was 21.98 while the previous day low was 21.48. The daily 38.2% Fib levels comes at 21.67, expected to provide support. Similarly, the daily 61.8% fib level is at 21.78, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 21.46, 21.22, 20.96
• Pivot resistance is noted at 21.96, 22.22, 22.46

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