#XAGUSD @ 23.778 Silver struggles to capitalize on a modest uptick and fails near the $23.80 support breakpoint. (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)]

• Silver struggles to capitalize on a modest uptick and fails near the $23.80 support breakpoint.
• The mixed technical setup warrants some caution before placing aggressive directional bets.
• A sustained move beyond the $24.50 area is needed to negate any near-term negative outlook.

The pair currently trades last at 23.778.

The previous day high was 24.01 while the previous day low was 23.3. The daily 38.2% Fib levels comes at 23.57, expected to provide support. Similarly, the daily 61.8% fib level is at 23.74, expected to provide support.

Silver builds on Friday’s modest bounce from the $23.30 area and gains some positive traction on the first day of a new week. The white metal, however, struggles to capitalize on the strength and remains capped near the $23.70-$23.80 confluence support breakpoint, comprising the 200-hour SMA and the lower end of a short-term ascending channel.

From a technical perspective, last week’s break below the aforementioned confluence support suggests that the near-term bias might have already shifted in favour of bearish traders. That said, oscillators on daily/hourly charts – though have been losing momentum – are yet to confirm the negative outlook. This, in turn, warrants some caution before positioning for any further depreciating move.

In the meantime, Friday’s swing low, around the $23.30 region, now seems to act as immediate support. A convincing break below will make the XAG/USD vulnerable to weaken below the $23.00 mark and test the next relevant support near the $22.75 area. The downward trajectory could eventually drag the white metal towards the $22.20-$22.15 intermediate support en route to the $22.00 round figure.

On the flip side, momentum beyond the $23.70-$23.80 support-turned-resistance, might confront hurdle near the $24.00 mark. This is followed by last week’s peak, around the $24.30 region, and the $24.50-$24.55 supply zone, or a multi-month peak touched on January 3. A sustained above should allow the XAG/USD to aim back to reclaim the $25.00 psychological mark for the first time since April 2022.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.7 at the time of writing. Pair opened at 23.56 and is trading with a change of 0.59 % .

The pair is trading below its 20 Daily moving average @ 23.77, above its 50 Daily moving average @ 23.21 , above its 100 Daily moving average @ 21.49 and above its 200 Daily moving average @ 21.01

The previous day high was 24.01 while the previous day low was 23.3. The daily 38.2% Fib levels comes at 23.57, expected to provide support. Similarly, the daily 61.8% fib level is at 23.74, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 23.24, 22.92, 22.53
• Pivot resistance is noted at 23.95, 24.33, 24.66

[/s2If]
Join Our Telegram Group