#XAGUSD @ 23.724 Silver is seen consolidating in a narrow trading band below the $24.00 mark on Friday. (Pivot Orderbook analysis)

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• Silver is seen consolidating in a narrow trading band below the $24.00 mark on Friday.
• The recent two-way price moves warrant some caution before placing directional bets.
• A convincing break below the 200-SMA on H4 should pave the way for deeper losses.

The pair currently trades last at 23.724.

The previous day high was 24.18 while the previous day low was 23.38. The daily 38.2% Fib levels comes at 23.88, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.69, expected to provide support.

Silver struggles to gain any meaningful traction on Friday and oscillates in a narrow trading band through the early European session. The white metal is currently placed around the $23.75 area, nearly unchanged for the day, and remains well within a broader trading range held over the past three weeks or so.

From a technical perspective, this week’s repeated failures to find acceptance above the $24.00 round figure warrants some caution for bullish traders. The XAG/USD, however, has managed to hold its neck above the 200-period SMA on the 4-hour chart. The latter is currently pegged near the $23.20 region and coincides with the lower end of the trading range, which, in turn, should now act as a pivotal point for short-term traders.

A convincing break below will mark a bearish breakdown, though it will be prudent to wait for some follow-through selling below the $23.00 mark before positioning for a further depreciating move. The XAG/USD might then extend the recent pullback from a multi-month top and accelerate the fall towards the $22.60-$22.55 region. The downfall could eventually drag spot prices to the next relevant support near the $22.10-$22.00 zone.

On the flip side, any intraday positive move beyond the $24.00 mark might confront some resistance near the overnight swing high, around the $24.20 region. This is followed by the multi-month high, around the $24.50-$24.55 region touched last week, which if cleared decisively will be seen as a fresh trigger for bullish traders. The XAG/USD could then aim towards reclaiming the $25.00 psychological mark for the first time since April 2022.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.75 at the time of writing. Pair opened at 23.78 and is trading with a change of -0.13 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 23.7, 50 SMA 22.65, 100 SMA @ 20.89 and 200 SMA @ 21.08.

The previous day high was 24.18 while the previous day low was 23.38. The daily 38.2% Fib levels comes at 23.88, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.69, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 23.38, 22.99, 22.59
• Pivot resistance is noted at 24.18, 24.58, 24.98

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