#XAGUSD @ 23.477 Silver price prints two-day downtrend, reverses Friday’s corrective bounce., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• Silver price prints two-day downtrend, reverses Friday’s corrective bounce.
• Looming bear cross on MACD, sustained trading below 50-SMA keeps XAG/USD sellers hopeful.
• Silver sellers can keep 61.8% Fibonacci retracement on radar unless breaking $24.55 resistance.

The pair currently trades last at 23.477.

The previous day high was 23.92 while the previous day low was 23.61. The daily 38.2% Fib levels comes at 23.73, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.8, expected to provide resistance.

Silver Price (XAG/USD) remains on the back foot around the intraday low of $23.45 heading into Tuesday’s European session.

In doing so, the bright metal drops for the second consecutive day while extending the U-turn from the 50-SMA, as well as staying below a one-week-old descending resistance line. Additionally favoring the bright metal sellers is the impending bear cross on the MACD indicator.

With this, the Silver price appears vulnerable to retesting the monthly low of nearly $23.30 marked on Friday. Also on the XAG/USD bear’s radar is the 61.8% Fibonacci retracement level of March-May upside, near $23.25.

In a case where the Silver price remains bearish past $23.25, the $23.00 could act as the last defense of the buyers.

On the flip side, the 50-SMA and one-week-old descending resistance line, close to near $23.85 and $23.90 in that order, restrict short-term recovery of the Silver price.

Even if the bright metal remains firmer past $23.90, the $24.00 round figure and a seven-week-old horizontal resistance area around $24.50-55 will be in the spotlight.

Overall, the Silver price remains on the bear’s table unless crossing $24.55.

Trend: Further downside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.52 at the time of writing. Pair opened at 23.64 and is trading with a change of -0.51% % .

The pair is trading below its 20 Daily moving average @ 24.75, below its 50 Daily moving average @ 24.26 , above its 100 Daily moving average @ 23.39 and above its 200 Daily moving average @ 21.95

The previous day high was 23.92 while the previous day low was 23.61. The daily 38.2% Fib levels comes at 23.73, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.8, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 23.52, 23.41, 23.21
• Pivot resistance is noted at 23.84, 24.04, 24.15

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