#XAGUSD @ 23.460 Silver prices dived more than 2% on Monday as US Treasury yields gained traction. (Pivot Orderbook analysis)

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• Silver prices dived more than 2% on Monday as US Treasury yields gained traction.
• Silver Price Analysis: In consolidation, though appears to be peaking around $24.00.

The pair currently trades last at 23.460.

The previous day high was 24.08 while the previous day low was 23.71. The daily 38.2% Fib levels comes at 23.94, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.85, expected to provide resistance.

Silver prices appear to have peaked following Monday’s price action, with the white metal unable to hold to the $24.00 figure, collapsing as low as $22.76, beneath the 50-day Exponential Moving Average (EMA) at $22.93, though trimmed some of its earlier losses. Nevertheless, the XAG/USD is still down 2%, exchanging hands at $23.44.

XAG/USD prices, throughout Monday’s session, have been trading in a wide range but reclaimed a 22-day upslope support trendline that passes around $23.30. Although it erased some of its earlier losses, the XAG/USD has fallen short of reclaiming the 20-day Exponential Moving Average (EMA) at $23.67. Therefore, Silver would consolidate around the $23.30-$24.00 area unless it cracks the top/bottom of the range.a breach of the day’s high of $24.15 would put into play the YTD high of $24.54 and the psychological $25.00 mark.

As an alternative scenario, the XAG/USD first support would be $23.00. Once cleared, the XAG/USD next support would be the 50-day EMA at $22.93, followed by the 100-day EMA at $22.05.

Oscillator-wise, the Relative Strength Index (RSI) crossed below its 50-midline, so further downside is expected, while the Rate of Change (RoC) suggests that buyers stepped in around Wall Street’s close.

Therefore, the XAG/USD remains neutral biased in the near term.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.45 at the time of writing. Pair opened at 23.94 and is trading with a change of -2.05 % .

The pair is trading below its 20 Daily moving average @ 23.8, above its 50 Daily moving average @ 22.98 , above its 100 Daily moving average @ 21.23 and above its 200 Daily moving average @ 21.04

The previous day high was 24.08 while the previous day low was 23.71. The daily 38.2% Fib levels comes at 23.94, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.85, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 23.74, 23.54, 23.36
• Pivot resistance is noted at 24.11, 24.28, 24.48

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