#XAGUSD @ 23.753 Silver comes under some renewed selling pressure on the last day of the week. (Pivot Orderbook analysis)

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• Silver comes under some renewed selling pressure on the last day of the week.
• The technical setup supports prospects for a further intraday depreciating move.
• A sustained move beyond the $24.50-$24.55 area will negate the negative bias.

The pair currently trades last at 23.753.

The previous day high was 24.3 while the previous day low was 23.6. The daily 38.2% Fib levels comes at 24.03, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.87, expected to provide resistance.

Silver extends the previous day’s retracement slide from the $24.30 area, or over a one-week high, and remains under some selling pressure on Friday. The white metal maintains its offered tone through the mid-European session and is currently placed near the daily low, around the $23.70 region.

From a technical perspective, the XAG/USD, so far, has managed to defend the lower end of a four-day-old ascending trend channel. The said support coincides with the 100-hour SMA and should now act as a pivotal point for short-term traders. Given that oscillators on hourly charts have been gaining some negative traction, a convincing break below will set the stage for further losses.

The XAG/USD might then accelerate the fall towards intermediate support near the $23.50-$23.45 area before eventually dropping to test sub-$23.00 levels. This is followed by the weekly low, around the $22.75 region touched on Monday. Some follow-through selling has the potential to drag the commodity further towards testing the next relevant support near the $22.00 round figure.

On the flip side, the daily swing high, around the $24.00 mark, might now act as an immediate hurdle. Any further move up might confront resistance near the $24.25-$24.30 region ahead of the $24.50-$24.55 supply zone, or a multi-month high touched on January 16. A sustained strength beyond should allow the XAU/USD to reclaim the $25.00 psychological mark for the first time since April 2022.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.74 at the time of writing. Pair opened at 23.92 and is trading with a change of -0.75 % .

The pair is trading below its 20 Daily moving average @ 23.79, above its 50 Daily moving average @ 23.16 , above its 100 Daily moving average @ 21.45 and above its 200 Daily moving average @ 21.01

The previous day high was 24.3 while the previous day low was 23.6. The daily 38.2% Fib levels comes at 24.03, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.87, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 23.58, 23.24, 22.89
• Pivot resistance is noted at 24.27, 24.63, 24.97

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