#XAGUSD @ 23.969 Silver price licks its wounds at the lowest levels in six weeks., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• Silver price licks its wounds at the lowest levels in six weeks.
• Downbeat RSI (14) allows 50-DMA to challenge XAG/USD bears.
• Horizontal hurdle from early 2023, 21-DMA guard recovery moves.

The pair currently trades last at 23.969.

The previous day high was 24.21 while the previous day low was 23.74. The daily 38.2% Fib levels comes at 23.92, expected to provide support. Similarly, the daily 61.8% fib level is at 24.03, expected to provide resistance.

Silver price (XAG/USD) struggles to defend the latest corrective from a 1.5-month low near $26.00 amid early Monday morning in Europe.

That said, the bright metal dropped to the lowest levels since early April the previous day but failed to offer a daily close beneath the 50-DMA, around $23.90 by the press time.

In addition to the failure to provide a daily close below the short-term key DMA, the downbeat conditions of the RSI (14) line also favored the Silver price’s corrective bounce on early Monday.

However, the bearish MACD signals and sustained trading below the previous key supports keep the XAG/USD bears hopeful.

That said, the corrective bounce remains elusive unless the quote stays below a horizontal area comprising multiple levels marked since early January 2023, close to $24.60.

Even if the XAG/USD rises past $24.60, the 21-DMA hurdle of around $25.10 can prod the bulls before giving them control.

On the contrary, a daily close below the 50-DMA level of near $23.90 can quickly direct the Silver price toward the 100-DMA support surrounding $23.40.

Following that, the 61.8% Fibonacci retracement level of the precious metal’s March-May upside, near $22.30, can act as the last defense of the Silver buyers.

Trend: Further downside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.97 at the time of writing. Pair opened at 23.97 and is trading with a change of 0.00% % .

The pair is trading below its 20 Daily moving average @ 25.17, above its 50 Daily moving average @ 23.87 , above its 100 Daily moving average @ 23.39 and above its 200 Daily moving average @ 21.85

The previous day high was 24.21 while the previous day low was 23.74. The daily 38.2% Fib levels comes at 23.92, expected to provide support. Similarly, the daily 61.8% fib level is at 24.03, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 23.74, 23.51, 23.27
• Pivot resistance is noted at 24.2, 24.44, 24.67

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