#XAGUSD @ 21.193 Silver attracts some dip-buying on Wednesday and spikes to a multi-day high. (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 attracts some dip-buying on Wednesday and spikes to a multi-day high.
• The move confirms a breakout through a one-week-old descending trend line.
• A sustained break below the $21.00 mark is needed to negate the positive bias.

The pair currently trades last at 21.193.

The previous day high was 21.34 while the previous day low was 20.83. The daily 38.2% Fib levels comes at 21.14, expected to provide support. Similarly, the daily 61.8% fib level is at 21.02, expected to provide support.

Silver reverses an intraday dip to sub-$21.00 levels and surges to a four-day high during the early European session on Wednesday. The white metal is currently trading around the $21.25-$21.30 region, up over 0.80% for the day, with bulls now awaiting a sustained move beyond the 200-hour SMA before placing fresh bets.

From a technical perspective, the momentum confirms a breakout through a one-week-old descending trend-line resistance. Meanwhile, oscillators on the daily chart are holding in the bullish territory and have just started gaining positive traction on hourly charts. This, in turn, supports prospects for an extension of the recovery from a nearly two-week low, around the $20.60-$20.55 area touched on Monday.

Some follow-through buying beyond the $21.35 region (200-hour SMA) will reaffirm the constructive outlook and lift the XAG/USD towards the $21.75-$21.80 resistance zone. This is followed by the $22.00 mark and over a five-month high, around the $22.25 area, which if cleared will set the stage for a move towards the $22.50-$22.60 supply zone. Spot prices could eventually reclaim the $23.00 round figure.

On the flip side, the $21.00-$20.90 area might continue to protect the immediate downside. The said support represents an ascending trend-line extending from the weekly low touched on Monday. A convincing break below will negate the positive set-up and shift the near-term bias in favour of bearish traders. The XAG/USD might then slide to the $20.60-$20.55 area (weekly low) and the $20.00 psychological mark.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 21.25 at the time of writing. Pair opened at 21.09 and is trading with a change of 0.76 % .

The pair is trading above its 20 Daily moving average @ 20.61, above its 50 Daily moving average @ 19.83 , above its 100 Daily moving average @ 19.54 and below its 200 Daily moving average @ 21.4

The previous day high was 21.34 while the previous day low was 20.83. The daily 38.2% Fib levels comes at 21.14, expected to provide support. Similarly, the daily 61.8% fib level is at 21.02, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 20.83, 20.58, 20.32
• Pivot resistance is noted at 21.34, 21.6, 21.85

[/s2If]
Join Our Telegram Group