#XAGUSD @ 25.199 Silver price seesaws around weekly resistance line, struggles to extend bounce off 100-SMA., @nehcap view: Limited upside expected (Pivot Orderbook analysis)

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• Silver price seesaws around weekly resistance line, struggles to extend bounce off 100-SMA.
• Steady oscillators, successful rebound from key SMA, trend line signal further upside of XAG/USD price.
• Silver buyers brace for fresh one-year high but the previous support line from March can prod XAG/USD bulls.

The pair currently trades last at 25.199.

The previous day high was 25.39 while the previous day low was 24.9. The daily 38.2% Fib levels comes at 25.09, expected to provide support. Similarly, the daily 61.8% fib level is at 25.2, expected to provide resistance.

Silver price (XAG/USD) remains sidelined around $25.15-20 as it struggles to extend the week-start rebound from 100-SMA support during early Tuesday. In doing so, the bright metal prods a one-week-old descending resistance line amid steady RSI (14) and mildly positive MACD signals. As a result, the XAG/USD buyers are likely to keep the reins.

However, a downward-sloping trend line from April, around $25.40 at the latest, precedes the current monthly high of around $26.10, as well as the one-year top, can act as intermediate halts during the Silver price run-up beyond $25.40.

It’s worth noting, though, that the April 2022 high of near $26.25 and the previous support line from March 16, now resistance near $26.30, appear tough nuts to crack for the Silver buyers.

Meanwhile, pullback moves remain elusive beyond the 100-SMA levels of around $24.95.

Even if the XAG/USD breaks the 100-SMA support of near $24.95, an upward-sloping trend line from April 06, close to $24.65 by the press time, could challenge the commodity’s further downside.

In a case where the Silver price remains bearish past $24.65, the $24.20 may act as an intermediate halt before directing the quote toward the monthly low of around $23.60.

Overall, Silver bears remain off the table unless witnessing a clear break of $24.65.

Trend: Limited upside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 25.17 at the time of writing. Pair opened at 25.1 and is trading with a change of 0.28% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 24.62, 50 SMA 22.75, 100 SMA @ 23.1 and 200 SMA @ 21.41.

The previous day high was 25.39 while the previous day low was 24.9. The daily 38.2% Fib levels comes at 25.09, expected to provide support. Similarly, the daily 61.8% fib level is at 25.2, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 24.87, 24.65, 24.39
• Pivot resistance is noted at 25.36, 25.62, 25.85

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