Silver reverses an intraday dip to sub-$21.00 levels, though lacks follow-through buying. (Pivot Orderbook analysis)

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• Silver reverses an intraday dip to sub-$21.00 levels, though lacks follow-through buying.
• Repeated failures to find acceptance above the 200 DMA warrant some caution for bulls.
• A convincing break below the weekly low is needed to negate any near-term positive bias.

The pair currently trades last at 21.08.

The previous day high was 21.61 while the previous day low was 21.0. The daily 38.2% Fib levels comes at 21.23, expected to provide resistance. Similarly, the daily 61.8% fib level is at 21.37, expected to provide resistance.

Silver attracts some dip-buying on Thursday and stalls the previous day’s retracement slide from the $21.60 area or the lowest level since June 22. The intraday bounce from sub-$21.00 levels, however, lacks follow-through as traders keenly await the release of the crucial US consumer inflation figures.

From a technical perspective, the XAGUSD, so far, has struggled to make it through the very important 200-day SMA resistance. Meanwhile, oscillators on the daily chart are holding comfortably in the bullish territory and support prospects for additional gains. That said, it will still be prudent to wait for a sustained move beyond the $21.60 area before confirming a fresh bullish breakout.

The XAGUSD might then accelerate the momentum and aim to reclaim the $22.00 round-figure mark. The next relevant hurdle is pegged near the $22.30-$22.35 region, which is closely followed by the June swing high, around mid-$22.00s. The latter should act as a key pivotal point, which if cleared decisively will set the stage for an extension of the recent rally from the vicinity of the $18.00 mark.

On the flip side, any meaningful pullback below the $21.00 mark could be seen as a buying opportunity and remain limited near the weekly low, around the $20.40 region. Failure to defend the said support might negate any near-term positive bias and drag the XAGUSD to the $20.00 psychological mark. The downward trajectory could get extended towards the $19.65 horizontal resistance breakpoint.

Technical Levels: Supports and Resistances

EURUSD currently trading at 21.08 at the time of writing. Pair opened at 21.02 and is trading with a change of 0.29 % .

The pair is trading above its 20 Daily moving average @ 19.48, above its 50 Daily moving average @ 19.33 , above its 100 Daily moving average @ 19.46 and below its 200 Daily moving average @ 21.48

The previous day high was 21.61 while the previous day low was 21.0. The daily 38.2% Fib levels comes at 21.23, expected to provide resistance. Similarly, the daily 61.8% fib level is at 21.37, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 20.8, 20.59, 20.19
• Pivot resistance is noted at 21.42, 21.82, 22.03

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