The price of silver (XAGUSD) has gone up to a new intraday high at 22.640 due to an increase in buying interest. This follows on from a recovery seen yesterday after hitting a 14-week low. However, Nehcap believes that any recovery will be limited.

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• Silver Price takes the bids to refresh intraday high, extends previous day’s recovery from 14-week low.

The pair currently trades last at 22.640.

The previous day high was 22.68 while the previous day low was 22.11. The daily 38.2% Fib levels comes at 22.47, expected to provide support. Similarly, the daily 61.8% fib level is at 22.33, expected to provide support.

Silver Price (XAG/USD) picks up bids to renew its intraday high near $22.60 as it extends the previous day’s rebound from the lowest levels since mid-March amid early Monday. In doing so, the XAG/USD bounces off a 14-week-old horizontal support zone.

Apart from the Silver Price rebound from the key horizontal support zone, the commodity’s upside break of the 61.8% Fibonacci retracement of March-May upside joins bullish MACD signals and the RSI (14) line’s recovery from the oversold territory to favor the XAG/USD bulls.

However, the previous support line stretched from March 21, as well as the 50% Fibonacci retracement, will challenge the Silver Price recovery close to the $23.00 round figure.

Even if the XAG/USD rises past $23.00, the 200-SMA and a seven-week-old falling resistance line, respectively near $23.60 and $23.90, will prod the upside momentum before giving control to the Silver bulls.

On the flip side, the aforementioned 61.8% Fibonacci retracement level and the horizontal support zone, respectively near $22.30 and $22.15-10, restrict the immediate downside of the Silver Price.

Following that, the lows marked in mid-March near $21.50 precede the early March swing high of near $21.30 to challenge the further Silver Price downside.

Trend: Limited recovery expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 22.56 at the time of writing. Pair opened at 22.44 and is trading with a change of 0.53% % .

The pair is trading below its 20 Daily moving average @ 23.54, below its 50 Daily moving average @ 24.19 , below its 100 Daily moving average @ 23.32 and above its 200 Daily moving average @ 22.49

The previous day high was 22.68 while the previous day low was 22.11. The daily 38.2% Fib levels comes at 22.47, expected to provide support. Similarly, the daily 61.8% fib level is at 22.33, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 22.14, 21.84, 21.57
• Pivot resistance is noted at 22.71, 22.98, 23.28

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