#XAGUSD @ 23.931 Silver retreats from a fresh eight-month high touched earlier this Wednesday. (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 retreats from a fresh eight-month high touched earlier this Wednesday.
• The technical setup supports prospects for the emergence of some dip-buying.
• A break below the $23.00 confluence is needed to negate the positive outlook.

The pair currently trades last at 23.931.

The previous day high was 24.25 while the previous day low was 22.88. The daily 38.2% Fib levels comes at 23.73, expected to provide support. Similarly, the daily 61.8% fib level is at 23.41, expected to provide support.

Silver extends its steady intraday descent through the early European session and retreats further from an eight-month top, around the $24.30 area touched earlier this Wednesday. The white metal slides below the $24.00 mark in the last hour, eroding a part of the previous day’s strong gains.

The bias, however, remains tilted in favour of bullish traders and supports prospects for the emergence of some dip-buying around the XAG/USD. The positive outlook is reinforced by bullish oscillators on 4-hour/daily charts, which are still far from being in the overbought territory. Hence, any subsequent fall is more likely to find decent support near the $23.60-$23.50 strong horizontal resistance breakpoint.

That said, some follow-through selling will expose confluence support near the $23.00-$22.90 region, comprising the 100-period SMA on the 4-hour chart and an ascending trend-line extending from November low. A convincing break below the latter will negate the near-term positive outlook and shift the bias in favour of bearish traders. The XAG/USD might then slide towards testing the $22.00 round figure.

On the flip side, the monthly month peak, around the $24.30 region, now seems to act as an immediate barrier. A sustained strength beyond should pave the way for additional near-term gains and allow the XAG/USD to reclaim the $25.00 psychological mark, with some intermediate hurdle near the $24.60-$24.70 zone.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.94 at the time of writing. Pair opened at 24.17 and is trading with a change of -0.95 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 22.64, 50 SMA 21.07, 100 SMA @ 20.24 and 200 SMA @ 21.18.

The previous day high was 24.25 while the previous day low was 22.88. The daily 38.2% Fib levels comes at 23.73, expected to provide support. Similarly, the daily 61.8% fib level is at 23.41, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 23.29, 22.4, 21.92
• Pivot resistance is noted at 24.65, 25.14, 26.02

[/s2If]
Join Our Telegram Group