#XAGUSD @ 19.324 Silver fails to find acceptance above the 100-day SMA and edges lower on Thursday. (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 fails to find acceptance above the 100-day SMA and edges lower on Thursday.
• Break below the 38.2% Fibo. level should pave the way for a further intraday decline.
• A sustained move beyond the $19.55-60 confluence will be seen as a trigger for bulls.

The pair currently trades last at 19.324.

The previous day high was 19.78 while the previous day low was 19.22. The daily 38.2% Fib levels comes at 19.56, expected to provide resistance. Similarly, the daily 61.8% fib level is at 19.43, expected to provide resistance.

Silver struggles to capitalize on its one-week-old positive trend beyond the 100-day SMA and meets with a fresh supply on Thursday. The white metal remains on the defensive through the early European session and is currently placed near the daily low, just below the mid-$19.00s.

The said area represents the 38.2% Fibonacci retracement level of the recent sharp downfall from the monthly peak and should act as a pivotal point for intraday traders. Sustained weakness below might prompt some technical selling, making the XAG/USD vulnerable to weaken further below the $19.00 mark and testing the weekly low, around the $18.80 region.

The latter coincides with the 23.6% Fibo. level, which if broken decisively will negate any near-term positive bias and shift the bias in favour of bearish traders. The XAG/USD might then accelerate the descending trend towards the $18.30-$18.25 intermediate support before eventually dropping to the next relevant support near the $18.00 round-figure mark.

On the flip side, the 100-day SMA, currently around the $19.55-$19.60 region, coincides with the 50% Fibo. level. Some follow-through buying beyond the said confluence barrier should allow the XAG/USD to reclaim the $20.00 psychological mark. The upward trajectory could get extended towards an intermediate hurdle near the $20.50 area en route to the $21.00 mark.

A convincing breakout through the aforementioned barriers will be seen as a fresh trigger for bullish traders and also suggest that the XAG/USD has formed a strong base ahead of the $18.00 mark. The subsequent move should lift spot prices beyond the monthly peak, around the $21.25 region, towards the very important 200-day SMA, currently around the $21.60 area.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 19.43 at the time of writing. Pair opened at 19.58 and is trading with a change of -0.77 % .

The pair is trading above its 20 Daily moving average @ 19.41, above its 50 Daily moving average @ 19.1 , below its 100 Daily moving average @ 19.61 and below its 200 Daily moving average @ 21.65

The previous day high was 19.78 while the previous day low was 19.22. The daily 38.2% Fib levels comes at 19.56, expected to provide resistance. Similarly, the daily 61.8% fib level is at 19.43, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 19.27, 18.96, 18.71
• Pivot resistance is noted at 19.84, 20.09, 20.4

[/s2If]
Join Our Telegram Group