#XAGUSD @ 23.151 Silver prices wrestle with a $23.37 resistance, nudging the towards daily lows as sellers eye lower targets amidst bearish indicators. (Pivot Orderbook analysis)

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• Silver prices wrestle with a $23.37 resistance, nudging the XAG/USD towards daily lows as sellers eye lower targets amidst bearish indicators.
• Despite achieving a double-top objective, XAG/USD continues to face downward pressure; a fall below $23.00 could spur further losses.
• Overcoming the 100-day EMA at $23.46 could set the XAG/USD against resistances at $23.50 and the $23.90/$23.97 EMA intersection, eventually aiming for $24.00.

The pair currently trades last at 23.151.

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 faces solid resistance around the $23.37 area as the 100-day Exponential Moving Average (EMA) sits around $23.46, pushing the XAG/USD spot price toward its daily lows of $23.15, with sellers eyeing lower prices. In addition, technical indicators turned bearish, with further downward action expected. At the time of writing, the XAG/USD is trading at $23.16.

From a technical point of view, XAG/USD is neutral to downward biased, capped on the upside by strong resistance levels. Even though the double-top measured objective was achieved on May 25, piercing below the $23.00 figure, downward pressure continues to mount on the white metal. Nevertheless, last Friday, profit-taking by sellers lifted the XAG/USD above $23.00.

The XAG/USD must drop below the $23.00 mark for a bearish continuation. A breach of the latter will expose the last week’s low of $22.68, followed by the March 21 low of $22.14. that could exacerbate further losses toward the $22.00 figure.

In contrast, if XAG/USD pierces the 100-day EMA at $23.46, the next line resistance would be $23.50, followed by the intersection of the 20 and 50-day EMAs at $23.90/$23.97, immediately followed by $24.00.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.18 at the time of writing. Pair opened at 23.31 and is trading with a change of -0.56 % .

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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