#XAGUSD @ 23.563 Silver price remains pressured for the second consecutive day within bearish triangle., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• Silver price remains pressured for the second consecutive day within bearish triangle.
• Failure to cross 200-EMA, bearish MACD signals favor XAG/USD sellers.
• Bulls need validation from $24.25 to retake control.

The pair currently trades last at 23.563.

The previous day high was 24.02 while the previous day low was 23.58. The daily 38.2% Fib levels comes at 23.75, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.85, expected to provide resistance.

Silver Price (XAG/USD) stays depressed around the intraday low of $23.50 heading into Monday’s European session. In doing so, the bright metal prods the bottom line of a two-week-old ascending triangle while extending the previous day’s pullback from the 200-bar Exponential Moving Average (EMA).

Apart from the failure to cross the key EMA and the existence of the bearish chart pattern, the downbeat MACD signals also lure the XAG/USD sellers.

However, a clear break of $23.50 becomes necessary to confirm the bearish chart formation suggesting a theoretical fall toward $22.20.

That said, the previous monthly low of around $22.70 may act as an extra filter towards the theoretical target whereas the 61.8% Fibonacci Expansion (FE) of its May 10 to June 02 moves, near $22.00, can prod the Silver bears afterward.

On the flip side, a recovery moves not only needs validation from the 200-EMA hurdle of around $23.95 but also needs to defy the triangle formation by crossing the stated pattern’s top line, close to $24.00 by the press time.

Even so, a one-month-old horizontal resistance area around $24.25 can challenge the XAG/USD bulls before giving them control.

Trend: Further downside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.53 at the time of writing. Pair opened at 23.61 and is trading with a change of -0.34% % .

The pair is trading below its 20 Daily moving average @ 23.86, below its 50 Daily moving average @ 24.45 , above its 100 Daily moving average @ 23.36 and above its 200 Daily moving average @ 22.12

The previous day high was 24.02 while the previous day low was 23.58. The daily 38.2% Fib levels comes at 23.75, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.85, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 23.45, 23.3, 23.01
• Pivot resistance is noted at 23.9, 24.18, 24.34

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