#XAGUSD @ 24.925 Silver price portrays a bullish chart pattern at the highest level in a year, retreats of late., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• Silver price portrays a bullish chart pattern at the highest level in a year, retreats of late.
• Sustained trading beyond 200-HMA, steady RSI keeps XAG/USD buyers hopeful.
• Sellers stay off the table beyond $24.60, bulls may cross $26.00 on sustained upside beyond $25.00.

The pair currently trades last at 24.925.

The previous day high was 25.0 while the previous day low was 24.56. The daily 38.2% Fib levels comes at 24.84, expected to provide support. Similarly, the daily 61.8% fib level is at 24.73, expected to provide support.

Silver price (XAG/USD) prints mild losses near $25.00 as bulls take a breather during a sluggish start of the week, mainly due to the Easter Monday holiday, after four-week uptrend. Even so, the bright metal portrays a “Bull Flag” chart pattern on the hourly play and keeps the buyers hopeful.

Adding strength to the upside bias is the absence of an overbought RSI (14), as well as the metal’s sustained trading past the 200-Hour Moving Average (HMA).

It’s worth noting, however, that the bulls need a successful break of the $25.00 round figure to confirm the bullish chart pattern, which in turn suggests, theoretically, a run-up toward $26.20.

However, April 2022 high near $26.25 and the previous yearly top surrounding $27.00 could challenge the Silver buyers afterward.

On the contrary, the XAG/USD weakness past the stated flag’s lower line, around $24.50 by the press time, defies the bullish chart pattern.

Though, the Silver bears still will have a long road to journey before retaking control as a two-week-old ascending support line and the 200-HMA, respectively near $24.30 and the $24.00 round figure, could challenge the downside moves.

Trend: Further upside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 24.98 at the time of writing. Pair opened at 24.97 and is trading with a change of 0.04% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 23.05, 50 SMA 22.29, 100 SMA @ 22.72 and 200 SMA @ 21.11.

The previous day high was 25.0 while the previous day low was 24.56. The daily 38.2% Fib levels comes at 24.84, expected to provide support. Similarly, the daily 61.8% fib level is at 24.73, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 24.69, 24.41, 24.25
• Pivot resistance is noted at 25.13, 25.29, 25.57

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