The price of silver, represented as XAGUSD trading at 22.930, has decreased from its intraday high within a week-long uptrend. The limited upside is predicted by the expert Nehcap.
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- Silver price pares intraday gains at the highest level in a week during three-day uptrend.
The pair currently trades last at 22.930.
The previous day high was 22.89 while the previous day low was 22.42. The daily 38.2% Fib levels comes at 22.71, expected to provide support. Similarly, the daily 61.8% fib level is at 22.6, expected to provide support.
Silver Price (XAG/USD) remains on the front foot at around $22.95 as it remains firmer for the third consecutive day despite the latest retreat from the intraday high. The quote’s latest pullback could be linked to the overbought RSI (14).
However, the looming bull cross on the MACD and the XAG/USD’s sustained trading beyond the 100-Hour Moving Average (HMA), as well as an ascending trend line from Friday, keeps the Silver buyers hopeful.
As a result, the XAG/USD bulls are all set to prod the convergence of the 200-HMA and a three-week-old horizontal resistance area surrounding $23.30.
Following that, the June 13 swing low of around $23.60 and a downward-sloping resistance line from June 09, close to $23.85 at the latest, could challenge the Silver buyers before directing them to the monthly high of around $24.55.
On the contrary, the aforementioned rising support line from Friday, near $22.80 by the press time, restricts the immediate downside of the Silver price. Also acting as a short-term downside filter is the 100-HMA surrounding $22.60.
In a case where the Silver bears keep the reins past $22.60, the odds of witnessing a slump towards the monthly low of near $22.10 and then to the $22.00 round figure can’t be ruled out.
Trend: Limited upside expected
Technical Levels: Supports and Resistances
XAGUSD currently trading at 22.92 at the time of writing. Pair opened at 22.78 and is trading with a change of 0.61% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 22.92 |
| 1 | Today Daily Change | 0.14 |
| 2 | Today Daily Change % | 0.61% |
| 3 | Today daily open | 22.78 |
The pair is trading below its 20 Daily moving average @ 23.52, below its 50 Daily moving average @ 24.14 , below its 100 Daily moving average @ 23.32 and above its 200 Daily moving average @ 22.51
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 23.52 |
| 1 | Daily SMA50 | 24.14 |
| 2 | Daily SMA100 | 23.32 |
| 3 | Daily SMA200 | 22.51 |
The previous day high was 22.89 while the previous day low was 22.42. The daily 38.2% Fib levels comes at 22.71, expected to provide support. Similarly, the daily 61.8% fib level is at 22.6, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 22.51, 22.23, 22.04
- Pivot resistance is noted at 22.98, 23.17, 23.45
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 22.89 |
| Previous Daily Low | 22.42 |
| Previous Weekly High | 24.20 |
| Previous Weekly Low | 22.11 |
| Previous Monthly High | 26.14 |
| Previous Monthly Low | 22.68 |
| Daily Fibonacci 38.2% | 22.71 |
| Daily Fibonacci 61.8% | 22.60 |
| Daily Pivot Point S1 | 22.51 |
| Daily Pivot Point S2 | 22.23 |
| Daily Pivot Point S3 | 22.04 |
| Daily Pivot Point R1 | 22.98 |
| Daily Pivot Point R2 | 23.17 |
| Daily Pivot Point R3 | 23.45 |
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