#XAGUSD @ 23.792 Silver struggles to gain any meaningful traction on Thursday and remains below the $24.00 mark. (Pivot Orderbook analysis)

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• Silver struggles to gain any meaningful traction on Thursday and remains below the $24.00 mark.
• The overnight break below two-month-old ascending trend-line support favours bearish traders.
• Mixed oscillators on hourly/daily charts warrant caution before positioning for a further decline.

The pair currently trades last at 23.792.

The previous day high was 24.46 while the previous day low was 23.59. The daily 38.2% Fib levels comes at 23.92, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.13, expected to provide resistance.

Silver struggles to capitalize on its modest intraday uptick and remains below the $24.00 round figure heading into the European session on Thursday. The technical set-up, meanwhile, supports prospects for a further pullback from over an eight-month high touched earlier this week.

The overnight break below a two-month-old ascending trend-line was seen as a fresh trigger for bearish traders. Furthermore, technical indicators on hourly charts have been drifting lower and add credence to the negative outlook. That said, oscillators on the daily chart – though have been losing traction – are yet to confirm a bearish bias. This makes it prudent to wait for some follow-through selling below the 100-period SMA on the 4-hour chart, currently around the $23.65 region, before positioning for any meaningful downside.

The XAG/USD might then accelerate the corrective fall towards testing sub-$23.00 levels. The downward trajectory could further get extended towards intermediate support near the $22.60-$22.55 region, below which spot prices could drop to the next relevant support near the $22.10-$22.00 horizontal zone. The latter should act as a strong base for the white metal, which if broken decisively will set the stage for an extension of the depreciating move.

On the flip side, the $24.00 round-figure mark now seems to act as an immediate hurdle ahead of the $24.25 area. This is followed by the multi-month high, around the $24.50-$24.55 region set on Tuesday. A sustained strength beyond the latter will negate any near-term negative outlook and allow the XAG/USD to reclaim the $25.00 psychological mark for the first time since April 2022.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.78 at the time of writing. Pair opened at 23.78 and is trading with a change of 0.0 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 23.65, 50 SMA 22.15, 100 SMA @ 20.63 and 200 SMA @ 21.11.

The previous day high was 24.46 while the previous day low was 23.59. The daily 38.2% Fib levels comes at 23.92, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.13, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 23.43, 23.07, 22.56
• Pivot resistance is noted at 24.3, 24.81, 25.16

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