#XAGUSD @ 24.909 Silver price stays defensive after reversing from three-week high., @nehcap view: Limited downside expected (Pivot Orderbook analysis)

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• Silver price stays defensive after reversing from three-week high.
• Repeated pullbacks from 10-DMA, bearish MACD signals keep XAG/USD sellers hopeful.
• Three-week-long bearish channel restricts immediate Silver price moves ahead of previous resistance line from January.

The pair currently trades last at 24.909.

The previous day high was 25.92 while the previous day low was 24.88. The daily 38.2% Fib levels comes at 25.28, expected to provide resistance. Similarly, the daily 61.8% fib level is at 25.52, expected to provide resistance.

Silver (XAG/USD) price seesaws around $25.00 as markets portray traders’ anxiety ahead of the key data/events on early Tuesday, after reversing from a three-week top the previous day.

In doing so, the XAG/USD remains within a three-week-old bearish trend channel while staying below the 10-DMA hurdle since April 19.

On only the failure to cross the 10-DMA and a bearish channel but the downbeat MACD signals also keep the Silver price on the seller’s radar.

However, the stated downward-sloping channel’s bottom line, close to $24.50, puts a floor under the Silver price ahead of the resistance-turned-support line stretched from early January, near $24.00 by the press time.

It’s worth noting that the XAG/USD weakness past $24.00 won’t hesitate to direct the commodity price toward January’s low near $22.75.

Meanwhile, an upside clearance of the 10-DMA level of $25.10 can favor the Silver buyers to prod the top line of the aforementioned bearish channel, around $25.90 at the latest.

Following that, the Year-To-Date (YTD) high of around $26.10 and the April 2022 peak near $26.25 will be in the spotlight.

Overall, the Silver price is likely to remain depressed inside a bearish chart formation.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 25 at the time of writing. Pair opened at 25 and is trading with a change of 0.00% % .

The pair is trading below its 20 Daily moving average @ 25.08, above its 50 Daily moving average @ 23.14 , above its 100 Daily moving average @ 23.24 and above its 200 Daily moving average @ 21.6

The previous day high was 25.92 while the previous day low was 24.88. The daily 38.2% Fib levels comes at 25.28, expected to provide resistance. Similarly, the daily 61.8% fib level is at 25.52, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 24.62, 24.24, 23.59
• Pivot resistance is noted at 25.65, 26.3, 26.68

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