#XAGUSD @ 21.610 Silver’s rally fails at $22.05 and retreats to $21,50. (Pivot Orderbook analysis)

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• Silver’s rally fails at $22.05 and retreats to $21,50.
• The precious metal has reached an important resistance near $22.00.
• With RSI at overbought levels, some consolidation is likely.

The pair currently trades last at 21.610.

The previous day high was 21.83 while the previous day low was 20.96. The daily 38.2% Fib levels comes at 21.5, expected to provide support. Similarly, the daily 61.8% fib level is at 21.29, expected to provide support.

Silver prices’ uptrend from early November lows in the area of $19.00 have been halted on Friday at five-month highs of $22.05, before pulling back to the mid-range of $21.00. On the weekly chart, however, the pair is on track to post a nearly 5% rally.

The precious metal has reached an important resistance hurdle in the vicinity of $22.00, where the 50% Fibonacci retracement level of the April – September downtrend and the June 16, 17, and 21 highs are holding back the bulls.

Beyond that, the pair has reached overbought levels on hourly and daily charts, which suggest that some consolidation or even a moderate pullback is still consistent with the possibility of further appreciation.

On the upside, above the mentioned $22.00, the pair might target June 3 and 6 highs at $22.50 before aiming for the 61.8% retracement of the mentioned downtrend, at $23.00.

Bearish attempts are so far held above the 200-day MA, now at $21.45, with the next potential support levels at $20.95 (October 10 low) and $20.35 (November 7 low).

Technical Levels: Supports and Resistances

XAGUSD currently trading at 21.61 at the time of writing. Pair opened at 21.68 and is trading with a change of -0.32 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 19.62, 50 SMA 19.41, 100 SMA @ 19.46 and 200 SMA @ 21.48.

The previous day high was 21.83 while the previous day low was 20.96. The daily 38.2% Fib levels comes at 21.5, expected to provide support. Similarly, the daily 61.8% fib level is at 21.29, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 21.15, 20.62, 20.28
• Pivot resistance is noted at 22.02, 22.36, 22.9

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