#XAGUSD @ 19.388 A bullish flag formation is indicating a continuation of upside momentum. (Pivot Orderbook analysis)

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• A bullish flag formation is indicating a continuation of upside momentum.
• Overlapping 20-and 50-EMAs signals that consolidation will stay a little longer.
• A bullish momentum will trigger if the RSI (14) recaptures the bullish range of 60.00-80.00.

The pair currently trades last at 19.388.

The previous day high was 19.62 while the previous day low was 18.78. The daily 38.2% Fib levels comes at 19.3, expected to provide support. Similarly, the daily 61.8% fib level is at 19.1, expected to provide support.

Silver price (XAG/USD) has sensed barricades after attempting a break above the critical hurdle of 19.60 in the Tokyo session. On a broader note, the asset has turned sideways after failing to cross the psychological resistance of $20.00.

A Bullish Flag formation on an hourly scale is supporting bulls. The formation of a Bullish Flag denotes a consolidation phase after a vertical upside move. The north-side sheer move is been recorded from September 7 low at $17.88. The consolidation phase of a Bullish Flag indicates an initiative buying structure in which the buyers initiate longs after the establishment of a bullish bias.

The 20-and 50-period Exponential Moving Averages (EMAs) at $19.38 and $19.34 respectively are tangled with each other, which signals a consolidation ahead.

Meanwhile, the Relative Strength Index (RSI) (14) has shifted into the 40.00-60.00 range but that doesn’t resemble a bearish reversal.

A decisive break above the psychological resistance of $20.00 will drive the bright metal towards August 11 low at $20.25, followed by August 15 high at $20.87.

On the flip side, silver bulls could lose their grip if the asset drops below Friday’s low at $18.78 for a downside towards September 8 low at $18.32. A breach of the latter will drag the asset towards September low at $17.85.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 19.43 at the time of writing. Pair opened at 19.57 and is trading with a change of -0.72 % .

The pair is trading above its 20 Daily moving average @ 18.8, above its 50 Daily moving average @ 19.25 , below its 100 Daily moving average @ 20.34 and below its 200 Daily moving average @ 22.13

The previous day high was 19.62 while the previous day low was 18.78. The daily 38.2% Fib levels comes at 19.3, expected to provide support. Similarly, the daily 61.8% fib level is at 19.1, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 19.03, 18.49, 18.19
• Pivot resistance is noted at 19.87, 20.17, 20.71

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