#XAGUSD @ 25.115 Silver price stays pressured as bears attack 21-DMA, two-month-old ascending support line., @nehcap view: Further downside expected (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER 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_level1)]

• Silver price stays pressured as bears attack 21-DMA, two-month-old ascending support line.
• Bearish MACD signals, RSI’s retreat from overbought territory suggests further downside.
• Multiple levels marked since early 2023 highlight $24.60-50 as crucial downside support for XAG/USD.

The pair currently trades last at 25.115.

The previous day high was 25.92 while the previous day low was 25.22. The daily 38.2% Fib levels comes at 25.49, expected to provide resistance. Similarly, the daily 61.8% fib level is at 25.66, expected to provide resistance.

Silver price (XAG/USD) clings to mild losses near $25.30 during a two-day losing streak amid early Thursday morning in Europe.

In doing so, the bright metal not only extends the previous day’s U-turn from the weekly top but also prods the key $25.30-25 support confluence encompassing the 21-DMA and an upward-sloping trend line from early March.

Given the bearish MACD signals and the RSI (14) line’s retreat from the overbought territory, the Silver price remains on the bear’s radar.

However, a daily closing below the $25.25 level becomes necessary for the XAG/USD sellers to retake control.

Even so, a horizontal area comprising multiple levels marked since early January, around $24.60-50, appears a tough nut to crack for the Silver bears before taking control.

On the contrary, the $26.00 round figure guards the immediate recovery of the Silver price ahead of the yearly peak of around $26.15.

Should the XAG/USD remains firmer past $26.15, April 2022 high surrounding $26.25 can act as the last defense of the Silver bears, a break of which could quickly propel the bullion toward the previous yearly peak of around $26.95. Also acting as an upside filter is the $27.00 round figure.

Overall, the Silver price slips off the bull’s table but the bears have a bumpy road ahead of retaking the power.

Trend: Further downside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 25.31 at the time of writing. Pair opened at 25.39 and is trading with a change of -0.32% % .

The pair is trading below its 20 Daily moving average @ 25.32, above its 50 Daily moving average @ 23.75 , above its 100 Daily moving average @ 23.39 and above its 200 Daily moving average @ 21.81

The previous day high was 25.92 while the previous day low was 25.22. The daily 38.2% Fib levels comes at 25.49, expected to provide resistance. Similarly, the daily 61.8% fib level is at 25.66, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 25.1, 24.81, 24.4
• Pivot resistance is noted at 25.8, 26.21, 26.5

[/s2If]
Nehcap Expert Advisor
The NEHCAP MT4 EA is high quality professional trading system geared to generate returns without using GRID or martingales. Each trade has strict risk per trade parameter. The pairs under management include EURUSD, GBPUSD, AUDCAD, AUDNZD,GBPAUD, EURAUD, EURCAD, CHFJPY and many more.
The system is trading live: LIVE ACCOUNT TRACKING
You can run it free. Apply for a free trial and track our account. Buy the system or use profit share mechanism to generate returns on your MT4.
Join Our Telegram Group