#XAGUSD @ 23.439 Silver extended its losses to two-consecutive days, down by 1.97% on Wednesday. (Pivot Orderbook analysis)

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• Silver extended its losses to two-consecutive days, down by 1.97% on Wednesday.
• From a daily chart perspective, the XAG/USD is neutral to upward biased but needs to hold prices above $23.00 to extend its gains.
• XAG/USD Price Analysis: Neutral-to-downward biased, and once it clears $23.00, that could expose Silver to lower prices.

The pair currently trades last at 23.439.

The previous day high was 24.37 while the previous day low was 23.83. The daily 38.2% Fib levels comes at 24.04, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.17, expected to provide resistance.

Silver price plummeted for the second straight day, extending its losses below $23.50 on Wednesday, as late US Dollar (USD) strength erased the greenback losses in the day, a headwind for the white metal. At the time of writing, the XAG/USD is trading at $23.45, below its opening price by 1.97%.

The XAG/USD daily chart suggests Silver is neutral-to-upward biased. Even though the pullback cleared the 20-day Exponential Moving Average (EMA), a decisive break below the January 5 daily low of $23.12 is needed to shift the bias to neutral; additionally, it will expose the 50-day EMA at $22.86. Oscillators like the Relative Strength Index (RSI) suggest that sellers are beginning to gather momentum, so the last line of defense for XAG/USD buyers would be $23.00.

Analyzing Silver from an intraday perspective, the XAG/USD 4-hour chart portrays the pair as neutral-to-downward biased, as the Exponential Moving Averages (EMAs) reside above XAG/USD price. However, to further extend its downtrend, the white metal needs to clear the 200-EMA at $23.33, which, once cleared, could open the door for further losses. Therefore, the XAG/USD first support would be the January 5 swing low at $23.22. Once cleared, it would expose the December 19 daily low of $23.10, followed by the December 16 pivot low at $22.52.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.47 at the time of writing. Pair opened at 23.93 and is trading with a change of -1.92 % .

The pair is trading below its 20 Daily moving average @ 23.8, above its 50 Daily moving average @ 22.84 , above its 100 Daily moving average @ 21.05 and above its 200 Daily moving average @ 21.07

The previous day high was 24.37 while the previous day low was 23.83. The daily 38.2% Fib levels comes at 24.04, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.17, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 23.72, 23.5, 23.17
• Pivot resistance is noted at 24.26, 24.59, 24.8

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