#XAGUSD @ 23.920 stays firm and climbs as the US Dollar remains offered across the board. (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)]

• XAG/USD stays firm and climbs as the US Dollar remains offered across the board.
• Silver Price Analysis: Range-bound but could turn bullish above $24.50; otherwise, it could re-test the 50-DMA.

The pair currently trades last at 23.920.

The previous day high was 23.94 while the previous day low was 23.17. The daily 38.2% Fib levels comes at 23.65, expected to provide support. Similarly, the daily 61.8% fib level is at 23.46, expected to provide support.

Silver price extended its gains for the second consecutive day, cleared Thursday’s daily high of $23.93, and held its ground above the 20-day Exponential Moving Average (EMA), reaching a new two-day high at $24.07. Nevertheless, as the North American session progressed, the XAG/USD retraced below $24.00 and is trading at $23.93.

XAG/USD daily chart suggests the white metal is peaking at around the $24.50 area, despite breaching the 20-day EMA on Thursday. After testing the YTD high of $24.54 twice during the month, XAG/USD dropped to its 2023 low of $23.12 and, since then, has not been able to crack the $24.00 figure decisively. Further, the Relative Strength Index (RSI) resumed its upward trajectory, but the Rate of Change (RoC) suggests that buyers are gathering some momentum.

Given the above scenario, if XAG/USD clears $24.50, that would keep buyers in charge, and it would open the door to test the $25.00 psychological level. A break above will expose the April 18 daily high at $26.21.

As an alternate scenario, the XAG/USD first support would be the 20-day Exponential Moving Average (EMA) at 23.69. A breach of the latter would send Silver sliding toward the January 19 pivot low of $23.17, ahead of the $23.00 figure, which sits slightly above the 50-day EMA at $22.91.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.94 at the time of writing. Pair opened at 23.86 and is trading with a change of 0.34 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 23.79, 50 SMA 22.93, 100 SMA @ 21.17 and 200 SMA @ 21.05.

The previous day high was 23.94 while the previous day low was 23.17. The daily 38.2% Fib levels comes at 23.65, expected to provide support. Similarly, the daily 61.8% fib level is at 23.46, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 23.37, 22.89, 22.6
• Pivot resistance is noted at 24.15, 24.43, 24.92

[/s2If]
Join Our Telegram Group