#XAGUSD @ 23.736 Silver is trapped within the 20 and 50-day Exponential Moving Averages, trendless. (Pivot Orderbook analysis)
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- Silver is trapped within the 20 and 50-day Exponential Moving Averages, trendless.
- Silver Price Analysis: Sideways but slightly tilted upwards, with buyers eyeing $25.00.
The pair currently trades last at 23.736.
The previous day high was 23.81 while the previous day low was 23.54. The daily 38.2% Fib levels comes at 23.65, expected to provide support. Similarly, the daily 61.8% fib level is at 23.71, expected to provide support.
Silver price extended its consolidation around the $23.00-$24.50 during the week, capped by the 20 and 50-day Exponential Moving Averages (EMAs), and remains unable to break the range decisively. However, XAG/USD erased some of its earlier losses and shifted positively in the day, trading at $23.71, gaining 0.53%.
XAG/USD’s price action has remained sideways for almost a month, around the $23.00-$24.50 range, in the near term. The lack of a catalyst keeps the white metal at around a peak, though it’s too early to call it like that, with the US Federal Reserve’s decision on Wednesday. At the time of typing, the XAG/USD hovers around the 20-day EMA at $23.69, which has been used as a pivot in the last 19, with the price fluctuating around it.
As the XAG/USD continues to rally in the session, a break above the 20-day EMA could pave the way for further upside, being the psychological $24.00 figure, the first supply area. Once cleared, the XAG/USD would be poised to challenge the YTD high at $24.54, followed by the $25.00 mark.
On the flip side, XAG/USD’s fall below the 50-day EMA at $23.10, and Silver will soon test the $23.00 mark. A breach of the latter will send Silver slumping to the YTD low at $22.76, followed by the 100-day EMA at $22.24 and then the 200-day EMA at $21.90.
Technical Levels: Supports and Resistances
XAGUSD currently trading at 23.72 at the time of writing. Pair opened at 23.57 and is trading with a change of 0.64 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 23.72 |
| 1 | Today Daily Change | 0.15 |
| 2 | Today Daily Change % | 0.64 |
| 3 | Today daily open | 23.57 |
The pair is trading below its 20 Daily moving average @ 23.75, above its 50 Daily moving average @ 23.26 , above its 100 Daily moving average @ 21.53 and above its 200 Daily moving average @ 21.01
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 23.75 |
| 1 | Daily SMA50 | 23.26 |
| 2 | Daily SMA100 | 21.53 |
| 3 | Daily SMA200 | 21.01 |
The previous day high was 23.81 while the previous day low was 23.54. The daily 38.2% Fib levels comes at 23.65, expected to provide support. Similarly, the daily 61.8% fib level is at 23.71, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 23.48, 23.38, 23.21
- Pivot resistance is noted at 23.74, 23.91, 24.0
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 23.81 |
| Previous Daily Low | 23.54 |
| Previous Weekly High | 24.30 |
| Previous Weekly Low | 22.76 |
| Previous Monthly High | 24.30 |
| Previous Monthly Low | 22.03 |
| Daily Fibonacci 38.2% | 23.65 |
| Daily Fibonacci 61.8% | 23.71 |
| Daily Pivot Point S1 | 23.48 |
| Daily Pivot Point S2 | 23.38 |
| Daily Pivot Point S3 | 23.21 |
| Daily Pivot Point R1 | 23.74 |
| Daily Pivot Point R2 | 23.91 |
| Daily Pivot Point R3 | 24.00 |
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