#XAGUSD @ 19.388 Silver prolongs its upward trajectory and climbs to over a one-week high on Monday. (Pivot Orderbook analysis)

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• Silver prolongs its upward trajectory and climbs to over a one-week high on Monday.
• Bulls still seem to struggle to make it through a multi-month-old descending trend line.
• Sustained break below the $18.35 area will expose the YTD low touched in September.

The pair currently trades last at 19.388.

The previous day high was 19.29 while the previous day low was 18.78. The daily 38.2% Fib levels comes at 19.1, expected to provide support. Similarly, the daily 61.8% fib level is at 18.97, expected to provide support.

Silver builds on last week’s bounce from sub-$18.00 levels and gains some follow-through traction for the second successive day on Monday. This also marks the fourth day of a positive move in the previous five and lifts the white metal to over a one-week high, around mid-$19.00s during the early part of the European session.

Bulls, however, still seem to struggle to make it through a downward sloping trend-line extending from May swing high. The said barrier, around the $19.50 region, should now act as a pivotal point, which if cleared decisively will set the stage for additional gains and allow the XAG/USD to aim to reclaim the $20.00 psychological mark.

The latter coincides with the 100-day SMA, above which the XAG/USD could accelerate the move towards the $20.50 intermediate resistance en route to the $21.00 round-figure mark. Some follow-through buying should pave the way for an extension of the momentum towards the next relevant hurdle near the $21.50-$21.55 horizontal zone.

On the flip side, the $19.00 mark could act as immediate support ahead of the $18.85-$18.80 zone and the $18.35 area. Failure to defend the said support levels will shift the bias in favour of bears and make the XAG/USD vulnerable to breaking below the $18.00 mark and test the YTD low, around the $17.55 region touched in September.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 19.35 at the time of writing. Pair opened at 19.04 and is trading with a change of 1.63 % .

The pair is trading above its 20 Daily moving average @ 19.0, above its 50 Daily moving average @ 19.3 , below its 100 Daily moving average @ 20.05 and below its 200 Daily moving average @ 21.96

The previous day high was 19.29 while the previous day low was 18.78. The daily 38.2% Fib levels comes at 19.1, expected to provide support. Similarly, the daily 61.8% fib level is at 18.97, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 18.78, 18.52, 18.27
• Pivot resistance is noted at 19.3, 19.55, 19.81

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