#XAGUSD @ 19.530 Silver prices’ recovery stalls at $19.50 area. (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• Silver prices’ recovery stalls at $19.50 area.
• A weaker USD underpins the precious metals recovery.
• XAG/USD needs to breach an important resistance hurdle at $19.65/75.

The pair currently trades last at 19.530.

The previous day high was 19.43 while the previous day low was 18.79. The daily 38.2% Fib levels comes at 19.19, expected to provide support. Similarly, the daily 61.8% fib level is at 19.04, expected to provide support.

Silver prices are trading higher for the second consecutive day on Wednesday, with the white metal extending its recovery from the $18.80 low on Tuesday to two-week highs at $1975, where it seems to have found a significant resistance hurdle.

The XAG/USD appreciated earlier on Wednesday, fueled by a broad-based US dollar weakness, as the investors start to price in a slowdown on the Federal Reserve’s monetary tightening path.

The positive price action, however, has stalled right below the $19.65/75 area, where the 100-day SMA meets the 50% Fibonacci retracement level of the October 4-14 decline and the September 23 high.

A successful break above that area would put the pair aiming for the $20.00 psychological level (and the 61,8% Fib level of the aforementioned decline) before aiming at $20.85 October 6 and 7 highs.

On the downside, the 50-day SMA, at $19.00 is defending the pair from further decline, so far, with the next potential support area at $18.80 (Oct 25 low) ahead of the October 14 low at Oct 14.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 19.56 at the time of writing. Pair opened at 19.34 and is trading with a change of 1.14 % .

The pair is trading above its 20 Daily moving average @ 19.37, above its 50 Daily moving average @ 19.11 , below its 100 Daily moving average @ 19.63 and below its 200 Daily moving average @ 21.67

The previous day high was 19.43 while the previous day low was 18.79. The daily 38.2% Fib levels comes at 19.19, expected to provide support. Similarly, the daily 61.8% fib level is at 19.04, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 18.94, 18.55, 18.3
• Pivot resistance is noted at 19.59, 19.83, 20.23

[/s2If]
Join Our Telegram Group