#XAGUSD @ 21.712 Silver price takes offers to refresh intraday low, extends late Wednesday’s pullback from five-week high., @nehcap view: Further weakness expected (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• Silver price takes offers to refresh intraday low, extends late Wednesday’s pullback from five-week high.
• Multiple key Exponential Moving Averages (EMAs) challenge XAG/USD bulls even as MACD signals favor upside.
• 6.5-month-old ascending trend line appears the key support to watch.

The pair currently trades last at 21.712.

The previous day high was 22.39 while the previous day low was 21.54. The daily 38.2% Fib levels comes at 22.07, expected to provide resistance. Similarly, the daily 61.8% fib level is at 21.87, expected to provide resistance.

Silver price (XAG/USD) renews intraday low near $21.70 as it consolidates the previous day’s gains, extending pullback from a five-week high, during early Thursday. In doing so, the bright metal portrays the fourth consecutive failure on a day to cross the convergence of the key Exponential Moving Averages (EMAs).

That said, the 50-EMA joins 100-EMA and 200-EMA to highlight $21.80-90 region as a tough nut to crack for the Silver buyers.

Even so, bullish MACD signals join an upward-sloping trend line from the early September 2022 to restrict immediate downside of the XAG/USD around $20.00.

Ahead of that, the previous weekly top around $21.30 and the $21.00 could lure the Silver bears.

In a case where the Silver price remains bearish past $20.00, the odds of witnessing a slump towards November 2022 low near $18.80 can’t be ruled out.

On the flip side, a daily closing beyond the $21.90 appears necessary for the XAG/USD bulls to retake control.

Even so, the $22.00 threshold and January’s low near $22.75 could challenge the Silver buyers before giving them control.

Overall, Silver price remains far from the buyer’s radar unless crossing $21.90. However, the downside room also appears limited.

Trend: Further weakness expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 21.69 at the time of writing. Pair opened at 21.78 and is trading with a change of -0.41% % .

The pair is trading above its 20 Daily moving average @ 21.11, below its 50 Daily moving average @ 22.39 , below its 100 Daily moving average @ 22.27 and above its 200 Daily moving average @ 20.94

The previous day high was 22.39 while the previous day low was 21.54. The daily 38.2% Fib levels comes at 22.07, expected to provide resistance. Similarly, the daily 61.8% fib level is at 21.87, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 21.42, 21.06, 20.57
• Pivot resistance is noted at 22.26, 22.75, 23.11

[/s2If]
Join Our Telegram Group