#XAGUSD @ 25.381 Silver price remains pressured after easing from the highest level in one year., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• Silver price remains pressured after easing from the highest level in one year.
• Bearish MACD signals, steady RSI suggests further downside of XAG/USD.
• Convergence of 50-SMA, one-month-old ascending support line challenges Silver sellers.
• XAG/USD buyers can jump back on $25.60 breakout.

The pair currently trades last at 25.381.

The previous day high was 26.09 while the previous day low was 25.16. The daily 38.2% Fib levels comes at 25.51, expected to provide resistance. Similarly, the daily 61.8% fib level is at 25.73, expected to provide resistance.

Silver price (XAG/USD) remains depressed around $25.30 amid early Monday, after reversing the one-year high and snapping a three-day uptrend on Friday.

The bright metal’s U-turn from a fortnight-old resistance line broke an upward-sloping support line from April 03, now immediate resistance around $25.60.

Apart from that, the bearish MACD signals and the steady RSI, after reversing from overbought territory, also keep the XAG/USD sellers hopeful.

However, a convergence of the 50-SMA and an upward-sloping trend line from the mid-March, around $25.00, appears a tough nut to crack for the Silver sellers to retake control.

Also acting as short-term key support is an area comprising the 100-SMA and early April tops, surrounding $24.25-15.

Meanwhile, the XAG/USD recovery beyond the immediate resistance line, around $25.60, can challenge the aforementioned ascending trend line from early April, around $26.25 by the press time.

Following that, tops marked during April and March of the last year, respectively near $26.25 and $26.95 could gain the market’s attention.

Overall, the Silver price is likely to witness further downside but the bearish trend is still far from sight.

Trend: Further downside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 25.31 at the time of writing. Pair opened at 25.37 and is trading with a change of -0.24% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 24.01, 50 SMA 22.45, 100 SMA @ 22.93 and 200 SMA @ 21.26.

The previous day high was 26.09 while the previous day low was 25.16. The daily 38.2% Fib levels comes at 25.51, expected to provide resistance. Similarly, the daily 61.8% fib level is at 25.73, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 24.99, 24.61, 24.06
• Pivot resistance is noted at 25.92, 26.47, 26.85

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