#XAGUSD @ 25.203 Silver price grinds higher after snapping two-day downtrend, taking a U-turn from one-month-old ascending trend line., @nehcap view: Further recovery 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 grinds higher after snapping two-day downtrend, taking a U-turn from one-month-old ascending trend line.
• Receding bearish bias of the MACD, steady RSI (14) allow XAG/USD buyers to extend latest rebound past 50-SMA.
• Support-turned-resistance line from early March appears crucial for Silver buyers to tackle.
• XAG/USD bears have a bumpy road on their return unless breaking 200-SMA.

The pair currently trades last at 25.203.

The previous day high was 25.6 while the previous day low was 24.81. The daily 38.2% Fib levels comes at 25.12, expected to provide support. Similarly, the daily 61.8% fib level is at 25.3, expected to provide resistance.

Silver price (XAG/USD) seesaws around $25.20 after bouncing off short-term key support to defy the two-day losing streak the previous day. Even so, the bright metal struggles with the 50-SMA to justify the recent improvement in the bullish bias.

That said, the receding strength of the bearish MACD signals and steady RSI (14) can offer a tailwind to the recent recovery moves of the XAG/USD and allow it to cross the immediate hurdle, namely the 50-SMA level surrounding $25.25.

However, the previous support line stretched from March 10, around $25.95 by the press time, quickly followed by the $26.00 round figure, will challenge the Silver buyers afterward.

Also acting as an upside filter is the latest swing high of $26.06, also the highest level since April 2022.

Should the XAG/USD price remains firmer past $26.06, the odds of witnessing a run-up towards crossing the April 2022 peak of near $26.25 and then a rally targeting the previous yearly peak of $26.95 can’t be ruled out.

On the flip side, the downside break of the aforementioned one-month-old upward-sloping support line, around $25.00 by the press time, restricts the immediate downside of the Silver price.

Following that, a horizontal area comprising multiple lows marked since April 05, around $24.80-70, could challenge the XAG/USD sellers.

It should be noted, however, that the Silver bears should remain cautious unless witnessing a clear downside break of the 200-SMA support level surrounding $23.05 at the latest.

Trend: Further recovery expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 25.21 at the time of writing. Pair opened at 25.05 and is trading with a change of 0.64% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 24.13, 50 SMA 22.51, 100 SMA @ 22.97 and 200 SMA @ 21.28.

The previous day high was 25.6 while the previous day low was 24.81. The daily 38.2% Fib levels comes at 25.12, expected to provide support. Similarly, the daily 61.8% fib level is at 25.3, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 24.71, 24.36, 23.92
• Pivot resistance is noted at 25.5, 25.95, 26.29

[/s2If]
Join Our Telegram Group