Silver price is struggling to extend gains further, however, the upside looks likely. (Pivot Orderbook analysis)

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• Silver price is struggling to extend gains further, however, the upside looks likely.
• The asset is on the edge of delivering a breakout of the Descending Triangle chart pattern.
• Early gains in the S&P500 futures indicate that the risk profile is positive.

The pair currently trades last at 23.89.

The previous day high was 23.94 while the previous day low was 23.33. The daily 38.2% Fib levels comes at 23.71, expected to provide support. Similarly, the daily 61.8% fib level is at 23.57, expected to provide support.

Silver price (XAG/USD) has witnessed a minor correction in its journey toward the round-level resistance of 24.00 in the Asian session. The white metal has broadly displayed a perpendicular upside move, therefore, the corrective move could be healthy for the Silver bulls.

The US Dollar Index (DXY) witnessed a sell-off on Wednesday after facing barricades around 102.00 and dropped to near a seven-month low at 101.10 as an appeal for the safe-haven assets squeezed ahead of the release of the United States Gross Domestic Product (GDP) data. Investors’ risk appetite is improving further as S&P500 futures are showing gains in the early Asian session.

Silver price is auctioning near the edge of the downward-sloping trendline of the Descending Triangle chart pattern on an hourly scale. The downward-sloping trendline of the chart pattern is plotted from January 16 high at $24.50 while the horizontal support is placed from January 11 low at $23.22.

Advancing 10-and 20-period Exponential Moving Averages (EMAs) at $23.83 and $23.75 respectively, indicate that the white metal bulls have a lot of strength.

The Relative Strength Index (RSI) (14) is oscillating in the bullish range of 60.00-80.00, which indicates that the bullish momentum is active.

A decisive move above January 20 high at $24.08 will result in a breakout of the Descending Triangle, which will drive the asset towards January 18 high at $24.35 followed by January 16 high at $24.50.

On the flip side, a break below January 24 high at $23.74 will drag the asset toward Wednesday’s low at $23.33. A slippage below the latter will further drag the Silver price toward January 23 low at $22.76.

Technical Levels: Supports and Resistances

EURUSD currently trading at 23.89 at the time of writing. Pair opened at 23.9 and is trading with a change of -0.04 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 23.79, 50 SMA 23.1, 100 SMA @ 21.39 and 200 SMA @ 21.02.

The previous day high was 23.94 while the previous day low was 23.33. The daily 38.2% Fib levels comes at 23.71, expected to provide support. Similarly, the daily 61.8% fib level is at 23.57, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 23.5, 23.12, 22.9
• Pivot resistance is noted at 24.11, 24.33, 24.72

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