#XAGUSD @ 24.234 Silver Price remains firmer at monthly high after crossing the 200-SMA., @nehcap view: Limited upside expected (Pivot Orderbook analysis)

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• Silver Price remains firmer at monthly high after crossing the 200-SMA.
• Upside break of previous key resistance area, bullish MACD signals suggest further advances of XAG/USD.
• Overbought RSI hints at limited upside room and highlights lows marked during late April as immediate resistance.

The pair currently trades last at 24.234.

The previous day high was 24.36 while the previous day low was 23.43. The daily 38.2% Fib levels comes at 24.0, expected to provide support. Similarly, the daily 61.8% fib level is at 23.79, expected to provide support.

Silver Price (XAG/USD) grinds near the highest level in a month, making rounds to $24.30 during early Friday morning. In doing so, the bright metal cheers upside break of the 200-SMA amid bullish MACD signal.

Adding strength to the upside bias is the XAG/USD run-up beyond the previously important resistance zone of around $24.00-24.05.

However, the nearly overbought RSI conditions challenge the Silver buyers as they approach a horizontal hurdle comprising lows marked during late April, around $24.50. Also acting as an upside filter is the May 02 bottom surrounding $24.60.

Following that, a run-up towards the $26.00 and the previous monthly high of around $26.15 can’t be ruled out.

On the flip side, a break of the 200-SMA level of $24.20 could quickly recall the XAG/USD sellers targeting the $24.05-24.00 resistance-turned-support.

In a case where the Silver Price remains bearish past $24.00, a fortnight-old ascending trend line near $23.50 can act as the last defense of the XAG/USD buyers.

Overall, the Silver Price is likely to remain firmer but the upside room appears limited as the US Dollar bears take a breather.

Also read: US Dollar Index: DXY suffers from downbeat US data, pre-Fed positioning at 13-day low near 103.30

Trend: Limited upside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 24.34 at the time of writing. Pair opened at 24.27 and is trading with a change of 0.29% % .

The pair is trading above its 20 Daily moving average @ 23.57, below its 50 Daily moving average @ 24.49 , above its 100 Daily moving average @ 23.35 and above its 200 Daily moving average @ 22.23

The previous day high was 24.36 while the previous day low was 23.43. The daily 38.2% Fib levels comes at 24.0, expected to provide support. Similarly, the daily 61.8% fib level is at 23.79, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 23.68, 23.09, 22.76
• Pivot resistance is noted at 24.61, 24.94, 25.53

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