#XAGUSD @ 22.774 Silver Price News: justifies technical breakdown, bearish options market signals below $23.00, @nehcap view: Further downside expected
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- The pair currently trades last at 22.774.
- Pivot support is noted at 22.57, 22.36, 22.04
- Pivot resistance is noted at 23.09, 23.4, 23.61
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The previous day high was 23.68 while the previous day low was 23.07. The daily 38.2% Fib levels comes at 23.31, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.45, expected to provide resistance.
Silver Price (XAG/USD) stabilizes at the lowest levels in a month after falling in the last two consecutive days, making rounds to $22.70 amid the early hours of Wednesday’s Asian session. In doing so, the Silver bears take a breather after justifying the bearish signals from the technical breakdown, as well as by the options markets. However, the cautious mood ahead of China inflation prods the bright metal’s further downside.
That said, the one-month risk reversal (RR) of the Silver price, a gauge of the spread between the call and put options, reverses the week-start optimism by falling to -0.125 by the end of Tuesday’s North American session.
With this, the weekly RR braces for the second consecutive negative figures, at -0.075 by the press time, which in turn keeps the Silver bears hopeful.
It’s worth noting, however, that a surprise positive from China might allow the XAG/USD to lick its wounds at the multi-day low.
A daily closing beneath the five-month-old rising support line, now immediate resistance, joins bearish MACD signals to direct the Silver Price toward June’s low of around $22.10.
However, an upward-sloping support line from September 2022, close to $21.85 by the press time, could challenge the XAG/USD bears afterward.
Meanwhile, an upside break of the support-turned-resistance line, around $23.10 at the latest, isn’t an open invitation to the Silver buyers as the 200-DMA surrounding $23.25 also acts as an additional upside filter.
Trend: Further downside expected
Technical Levels: Supports and Resistances
XAGUSD currently trading at 22.76 at the time of writing. Pair opened at 23.13 and is trading with a change of -1.60% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 22.76 |
| 1 | Today Daily Change | -0.37 |
| 2 | Today Daily Change % | -1.60% |
| 3 | Today daily open | 23.13 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 24.35, 50 SMA 23.72, 100 SMA @ 24.06 and 200 SMA @ 23.19.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 24.35 |
| 1 | Daily SMA50 | 23.72 |
| 2 | Daily SMA100 | 24.06 |
| 3 | Daily SMA200 | 23.19 |
The previous day high was 23.68 while the previous day low was 23.07. The daily 38.2% Fib levels comes at 23.31, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.45, expected to provide resistance.
Note the levels of interest below:
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 23.68 |
| Previous Daily Low | 23.07 |
| Previous Weekly High | 24.84 |
| Previous Weekly Low | 23.23 |
| Previous Monthly High | 25.27 |
| Previous Monthly Low | 22.52 |
| Daily Fibonacci 38.2% | 23.31 |
| Daily Fibonacci 61.8% | 23.45 |
| Daily Pivot Point S1 | 22.57 |
| Daily Pivot Point S2 | 22.36 |
| Daily Pivot Point S3 | 22.04 |
| Daily Pivot Point R1 | 23.09 |
| Daily Pivot Point R2 | 23.40 |
| Daily Pivot Point R3 | 23.61 |
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