#XAGUSD @ 23.247 Silver price fades the previous day’s corrective bounce off two-month low., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• Silver price fades the previous day’s corrective bounce off two-month low.
• Overbought RSI, looming bear cross on MACD adds strength to bearish bias below 200-HMA.
• Fortnight-old resistance line adds to the upside filters; $23.00 acts as extra support .

The pair currently trades last at 23.247.

The previous day high was 23.34 while the previous day low was 22.68. The daily 38.2% Fib levels comes at 23.09, expected to provide support. Similarly, the daily 61.8% fib level is at 22.93, expected to provide support.

Silver price (XAG/USD) remains mildly offered around $23.30 amid early Monday as it consolidates the biggest daily gains in nearly two-month, marked the previous day. In doing so, the bright metal also justifies the market’s rush towards the US Dollar even as the policymakers announced initial agreement on the US debt ceiling extension.

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Also luring the XAG/USD sellers is the RSI (14) line surrounding the overbought territory, as well as the impending bear cross on the MACD indicator.

With this, the Silver Price is all set to test the 100-Hour Moving Average (HMA) support of near $23.20, quickly followed by the $23.00 round figure.

However, the latest swing low of around $22.70, marked the previous day, may challenge the XAG/USD bears afterward.

Meanwhile, the Silver price recovery needs validation from the 200-HMA and a two-week-old descending resistance line, respectively near $23.45 and $23.60.

Even so, the $24.00 threshold and the mid-month swing high of around $24.20 may test the XAG/USD buyers before giving them the control.

Above all, the Silver price remains bearish unless crossing the late April bottom of around $24.50.

To sum up, XAG/USD remains on the bear’s radar even if the commodity sellers lack acceptance of late.

Trend: Further downside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.25 at the time of writing. Pair opened at 23.31 and is trading with a change of -0.26 % .

The pair is trading below its 20 Daily moving average @ 24.38, below its 50 Daily moving average @ 24.37 , below its 100 Daily moving average @ 23.37 and above its 200 Daily moving average @ 22.01

The previous day high was 23.34 while the previous day low was 22.68. The daily 38.2% Fib levels comes at 23.09, expected to provide support. Similarly, the daily 61.8% fib level is at 22.93, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 22.88, 22.46, 22.23
• Pivot resistance is noted at 23.54, 23.77, 24.19

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