The price of silver, marked as #XAGUSD at 23.152, is facing pressure following the biggest drop in six weeks. According to the viewpoint of @nehcap, it is expected to decrease further.

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• Silver Price remains pressured after falling the most in six weeks.

The pair currently trades last at 23.152.

The previous day high was 24.2 while the previous day low was 23.89. The daily 38.2% Fib levels comes at 24.01, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.08, expected to provide resistance.

Silver Price (XAG/USD) seesaws around the monthly low marked the previous day, sidelined near $23.15 amid early Wednesday in Asia after falling the most in 1.5 months the previous day.

That said, the bright metal dropped heavily on Tuesday after breaking the key support line stretched from March, as well as the 100-DMA. The downside break of the previously important supports also took clues from the looming bear cross on the MACD, which in turn suggests further downside of the XAG/USD.

Hence, the XAG/USD’s further fall towards the $23.00 round figure appears imminent ahead of challenging the previous monthly low of around $22.70.

It’s worth noting, however, that the RSI (14) is below 50.0 and hence suggests limited downside room.

As a result, the Silver price may refrain from breaking the previous monthly low, if not then the 200-DMA level of around $22.45 can act as an extra filter towards the south.

Above all, the XAG/USD buyers remain hopeful unless witnessing a clear downside break of an ascending support line from September 2022, close to $21.10 by the press time.

On the flip side, the 100-DMA and the three-month-old previous support line, respectively around $23.35 and $23.55, guard immediate recovery of the Silver Price.

Following that, the 50-DMA hurdle of $24.35 gains the market’s attention as it holds the key to further advances of the XAG/USD.

Trend: Further downside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.17 at the time of writing. Pair opened at 23.95 and is trading with a change of -3.26% % .

The pair is trading below its 20 Daily moving average @ 23.64, below its 50 Daily moving average @ 24.41 , below its 100 Daily moving average @ 23.36 and above its 200 Daily moving average @ 22.43

The previous day high was 24.2 while the previous day low was 23.89. The daily 38.2% Fib levels comes at 24.01, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.08, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 23.82, 23.7, 23.51
• Pivot resistance is noted at 24.14, 24.33, 24.46

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