The price of silver, denoted as XAGUSD at a value of 22.132, has experienced a five-day consecutive decrease to reach its lowest point in three months. However, according to the viewpoint of Nehcap, any further decline in value is predicted to be minimal.

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• Silver Price drops to the lowest levels in three months during five-day losing streak.

The pair currently trades last at 22.132.

The previous day high was 22.74 while the previous day low was 22.18. The daily 38.2% Fib levels comes at 22.39, expected to provide resistance. Similarly, the daily 61.8% fib level is at 22.52, expected to provide resistance.

Silver Price (XAG/USD) stands on slippery grounds as it declines for the fifth consecutive day to print the lowest level since March 17 to around $22.15 amid Friday’s Asian session.

In doing so, the bright metal justifies the early-week break of an ascending support line from mid-March, now resistance around $23.20, as well as the previous day’s smashing of the 200-DMA level surrounding $22.50.

Also favoring the Silver sellers are the bearish MACD signals.

However, the oversold RSI (14) line suggests limited downside room for the XAG/USD, which in turn highlights the 50% Fibonacci retracement level of the metal’s upside from September 2022 to May 2023, close to $21.80.

Following that, an upward-sloping support line from early September and the 61.8% Fibonacci retracement level, respectively around $21.30 and $20.80, will act as the last defense of the Silver buyers.

Meanwhile, the XAG/USD run-up beyond the 200-DMA level of $22.50 and the support-turned-resistance line of around $23.20 could convince the buyers to challenge the monthly high surrounding $24.55, a break of which will push the Silver bears off the table.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 22.15 at the time of writing. Pair opened at 22.25 and is trading with a change of -0.45% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 23.58, 50 SMA 24.25, 100 SMA @ 23.33 and 200 SMA @ 22.47.

The previous day high was 22.74 while the previous day low was 22.18. The daily 38.2% Fib levels comes at 22.39, expected to provide resistance. Similarly, the daily 61.8% fib level is at 22.52, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 22.04, 21.83, 21.49
• Pivot resistance is noted at 22.6, 22.94, 23.15

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