Silver Prices plunged even though the US Dollar was on the defensive, and US T-bond yields dropped. (Pivot Orderbook analysis)

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• Silver Prices plunged even though the US Dollar was on the defensive, and US T-bond yields dropped.
• Silver Price Analysis: The confluence of a double top and an evening star opens the door for further downside.

The pair currently trades last at 23.93.

The previous day high was 24.51 while the previous day low was 23.94. The daily 38.2% Fib levels comes at 24.16, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.29, expected to provide resistance.

Silver spot prices, also known as XAG/USD, snapped three days of gains and plunged more than 1.50% on Tuesday, although the US Dollar (USD) remained offered, and US Treasury bond yields dropped. Hence, the XAG/USD is trading at $23.91 a troy ounce after reaching a daily high of $23.92.

After testing the YTD high of $24.54, the XAG/USD formed a double top, which could open the door for further losses. Also, an evening star emerged a three-candlestick chart pattern that could send Silver prices tumbling. With oscillators like the Relative Strength Index (RSI) registering lower peaks and aiming down, alongside the Rate of Change flashing that buyer’s momentum is fading, the XAG/USD downward bias remains intact.

Therefore, if XAG/USD slides below $23.83, silver would be poised to test the 20-day Exponential Moving Average (EMA) at $23.70. Once cleared, XAG/USD will prove January 11 daily low fo $23.22, ahead of $23.00.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 23.93 at the time of writing. Pair opened at 24.26 and is trading with a change of -1.36 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 23.82, 50 SMA 22.79, 100 SMA @ 21.0 and 200 SMA @ 21.08.

The previous day high was 24.51 while the previous day low was 23.94. The daily 38.2% Fib levels comes at 24.16, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.29, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 23.96, 23.66, 23.38
• Pivot resistance is noted at 24.53, 24.81, 25.11

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