According to @nehcap, the Silver Price is continuing its downward trend within a bullish channel that started two weeks ago. They anticipate that the decline will not be significant.

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• Silver Price remains on the back foot within a fortnight-old bullish channel.

The pair currently trades last at 22.705.

The previous day high was 23.26 while the previous day low was 22.52. The daily 38.2% Fib levels comes at 22.8, expected to provide resistance. Similarly, the daily 61.8% fib level is at 22.98, expected to provide resistance.

Silver Price (XAG/USD) remains pressured around $22.70 amid early Friday in Asia, after falling the most in two weeks, as well as snapping a four-day uptrend, the previous day.

Also read: US June Nonfarm Payrolls Preview: Analyzing Gold price’s reaction to NFP surprises

In doing so, the XAG/USD seesaws within a fortnight-old bullish channel, approaching the bottom line of the bullish chart formation of late.

Given the bearish MACD signals and the downbeat RSI (14), not oversold, the Silver price is likely to reject the bullish channel by breaking the $22.50 support. However, the previous monthly low of around $22.20 precedes the $22.00 round figure to challenge the XAG/USD bears afterward.

It’s worth noting that the recent positioning for the US employment data for June will allow the XAG/USD traders to lick their wounds.

The same highlights the 100-SMA hurdle of $23.05 as immediate resistance to watch for the Silver buyers.

However, a convergence of the 200-SMA, downward-sloping resistance line from early March and the aforementioned rising channel’s top line, close to $23.30-35 at the latest, appears a tough nut to crack for the Silver buyers to crack for taking control.

Overall, Silver Price is likely to decline further but the south run appears long and bumpy.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 22.7 at the time of writing. Pair opened at 22.72 and is trading with a change of -0.09% % .

The pair is trading below its 20 Daily moving average @ 23.2, below its 50 Daily moving average @ 23.78 , below its 100 Daily moving average @ 23.39 and above its 200 Daily moving average @ 22.66

The previous day high was 23.26 while the previous day low was 22.52. The daily 38.2% Fib levels comes at 22.8, expected to provide resistance. Similarly, the daily 61.8% fib level is at 22.98, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 22.41, 22.1, 21.68
• Pivot resistance is noted at 23.14, 23.57, 23.87

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