#XAGUSD @ 19.205 Silver attracts some buying near the $19.00 mark, or over a one-week low touched this Wednesday. (Pivot Orderbook analysis)

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• Silver attracts some buying near the $19.00 mark, or over a one-week low touched this Wednesday.
• The bearish technical setup suggests that the attempted bounce runs the risk of fizzling out quickly.
• Traders might wait for a sustained break below the $19.00 mark before placing fresh bearish bets.

The pair currently trades last at 19.205.

The previous day high was 19.72 while the previous day low was 19.07. The daily 38.2% Fib levels comes at 19.32, expected to provide resistance. Similarly, the daily 61.8% fib level is at 19.47, expected to provide resistance.

Silver finds some support near the $19.00 mark and stages a modest recovery from over a one-week low touched earlier this Wednesday. The uptick allows the white metal to snap a three-day losing streak and stall its recent sharp pullback from the $21.25 area, or the highest level since late June.

From a technical perspective, any subsequent move up is likely to confront stiff resistance near the $19.55-$19.60 confluence support breakpoint. The said region comprises the 50% Fibonacci retracement level of the recent recovery from the YTD low and the 100-period SMA on the 4-hour chart. This, in turn, should act as a pivotal point and help determine the near-term trajectory for the XAG/USD.

A convincing break through the aforementioned barrier will suggest that the recent downfall has run its course and lift spot prices back towards the $20.00 psychological mark. The latter coincides with 38.2% Fibo. level, above which the XAG/USD could climb the 23.6% Fibo. level, around the $20.40 area. The momentum could further get extended towards reclaiming the $21.00 round-figure mark.

Meanwhile, oscillators on the daily chart have just started drifting into the negative territory and maintain their bearish bias on the 4-hour chart. The set-up supports prospects for further losses, through sustained weakness below the $19.00 mark is needed to reaffirm the outlook. The XAG/USD might then slide to the $18.60 zone before dropping to the $18.35 area and the $18.00 round figure.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 19.27 at the time of writing. Pair opened at 19.15 and is trading with a change of 0.63 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 19.54, 50 SMA 19.4, 100 SMA @ 19.95 and 200 SMA @ 21.87.

The previous day high was 19.72 while the previous day low was 19.07. The daily 38.2% Fib levels comes at 19.32, expected to provide resistance. Similarly, the daily 61.8% fib level is at 19.47, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 18.9, 18.66, 18.25
• Pivot resistance is noted at 19.56, 19.97, 20.22

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