#XAGUSD @ 23.844 Silver Price remains at weekly high, prods three-day uptrend., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• Silver Price remains at weekly high, prods three-day uptrend.
• 50-EMA tests XAG/USD buyers amid steady RSI, looming bull cross on MACD.
• Silver sellers need validation from 200-EMA; five-month-old horizontal area appears a tough nut to crack for XAG/USD bulls.

The pair currently trades last at 23.844.

The previous day high was 23.92 while the previous day low was 23.28. The daily 38.2% Fib levels comes at 23.68, expected to provide support. Similarly, the daily 61.8% fib level is at 23.53, expected to provide support.

Silver Price (XAG/USD) retreats from the weekly top of $23.92, mildly offered amid Friday’s Asian session, as the metal buyers jostle with the 50-day Exponential Moving Average (EMA) ahead of the key US jobs report for May.

Even so, the XAG/USD’s sustained break of the previous key resistance confluence around $23.50, comprising the 100-EMA and a two-week-old descending trend line, keeps the Silver buyers hopeful. Adding strength to the upside bias is the steady RSI (14) line near the 50.00 mark, as well as the impending bull cross on the MACD.

With this, the Silver Price is likely to cross the immediate 50-EMA hurdle of around $23.95 and can prod the $24.00 round figure. However, multiple levels marked since early January, around the $24.55-65 zone, will challenge the XAG/USD bulls afterward.

In a case where the XAG/USD price remains firmer past $24.65, the odds of witnessing the $25.00 round figure on the chart can’t be ruled out whereas the yearly high marked in May near $26.15 may lure the Silver buyers then after.

On the contrary, the stated resistance-turned-support confluence near $23.50, restricts the nearby downside of the bright metal.

Following that, the 200-EMA level of around $22.85 and the previous monthly low of $22.68 will be in the spotlight.

Trend: Further upside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.86 at the time of writing. Pair opened at 23.88 and is trading with a change of -0.08% % .

The pair is trading below its 20 Daily moving average @ 23.97, below its 50 Daily moving average @ 24.44 , above its 100 Daily moving average @ 23.36 and above its 200 Daily moving average @ 22.1

The previous day high was 23.92 while the previous day low was 23.28. The daily 38.2% Fib levels comes at 23.68, expected to provide support. Similarly, the daily 61.8% fib level is at 23.53, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 23.47, 23.05, 22.82
• Pivot resistance is noted at 24.11, 24.34, 24.75

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