Silver price trims some of Wednesday’s losses, despite high US Treasury yields. (Pivot Orderbook analysis)

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• Silver price trims some of Wednesday’s losses, despite high US Treasury yields.
• The XAGUSD daily chart depicts the precious metal as neutral-to-downward biased, with key resistance at $20.00.
• Short term, a break above $20.00 will open the door toward $21.00; otherwise, it would challenge $19.00.

The pair currently trades last at 19.52.

The previous day high was 20.08 while the previous day low was 19.22. The daily 38.2% Fib levels comes at 19.55, expected to provide resistance. Similarly, the daily 61.8% fib level is at 19.75, expected to provide resistance.

Silver price recovered some ground on Thursday, even though the American Dollar is rising more than 0.70%, as shown by the US Dollar Index, underpinned by high US Treasury bond yields after the Federal Reserve raised rates by 75 bps. At the time of writing, the XAGUSD is trading at $19.50, above its opening price by 1.56%, after hitting a daily low of $18.84.

XAGUSD bias remains neutral-to-downward biased, even though it cleared the 50-day Exponential Moving Average (EMA) at $19.10 and is battling the 100-day EMA at $19.46. The Relative Strength Index (RSI) is in bullish territory suggesting the XAGUSD is headed upward, but a clear break above $20.00 is needed to shift the bias to neutral. On the flip side, if the XAGUSD closes below the 100-day EMA, a fall toward the 50-day EMA is on the cards, ahead of a $19.00 test.

The XAGUSD one-hour chart portrays a different picture, with the white metal bias as neutral-to-upwards. Nevertheless, it should be noted that XAGUSD price action shows a wide-trading range, spurred on a Fed day, turning the hourly EMAs almost flat, meaning that the XAGUSD is consolidating. Further confirmation was provided by the RSI being in bullish territory but nearly flat.

XAGUSD key resistance levels lie at $20.07, the November 2 high, followed by the October 7 daily high at $20.82, ahead of $21.00. On the flip side, the XAGUSD first support would be the 50-hour EMA at $19.45, followed by the confluence of the 100 and the 200-hour EMAs at $19.38, followed by the $19.00 figure.

Technical Levels: Supports and Resistances

EURUSD currently trading at 19.52 at the time of writing. Pair opened at 19.24 and is trading with a change of 1.46 % .

The pair is trading above its 20 Daily moving average @ 19.24, above its 50 Daily moving average @ 19.13 , above its 100 Daily moving average @ 19.5 and below its 200 Daily moving average @ 21.53

The previous day high was 20.08 while the previous day low was 19.22. The daily 38.2% Fib levels comes at 19.55, expected to provide resistance. Similarly, the daily 61.8% fib level is at 19.75, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 18.94, 18.65, 18.08
• Pivot resistance is noted at 19.81, 20.38, 20.67

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