#XAGUSD @ 23.489 Silver fails to hold to its earlier gains above the 20-day EMA, with traders eyeing $23.00. (Pivot Orderbook analysis)

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• Silver fails to hold to its earlier gains above the 20-day EMA, with traders eyeing $23.00.
• Silver Price Analysis: Consolidated, slightly skewed downwards, as oscillators turned bearish.

The pair currently trades last at 23.489.

The previous day high was 23.77 while the previous day low was 22.97. The daily 38.2% Fib levels comes at 23.46, expected to provide support. Similarly, the daily 61.8% fib level is at 23.28, expected to provide support.

Silver price struggles at the 20-day Exponential Moving Average (EMA) at $23.66 and is dropping toward the lows of the day, at around $23.40s, as investors prepare for the US Federal Reserve’s (Fed) monetary policy decision. Therefore, XAG/USD traders are squaring their positions, awaiting Jerome Powell and his colleagues. At the time of writing, the XAG/USD exchanges hands at $23.44, below its opening price by 1.12%.

Silver remains pressured ahead of the FOMC’s decision, trapped within Tuesday’s price action, which witnessed a test of the 50-day Exponential Moving Average (EMA) at $23.11, though it was quickly rejected, achieving a daily close above the 20-day EMA. However, Wednesday’s story is different. The XAG/USD fell below Monday’s low of $23.54, eyeing to extend its losses toward the $23.00 figure.

Momentum indicators, like the Relative Strength Index (RSI), turned bearish, while the Rate of Change (RoC), suggests that sellers are gathering momentum.

Given the backdrop, the XAG/USD first support would be the $23.00 psychological level. A breach of the latter and the year-to-date (YTD) low at $22.76 is on the cards.

As an alternate scenario, the XAG/USD’s reclaiming the 20-day EMA will expose the $24.00 figure. Once cleared, Silver would test the YTD high at $24.54, followed by a rally to the $25.00 mark.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.44 at the time of writing. Pair opened at 23.74 and is trading with a change of -1.26 % .

The pair is trading below its 20 Daily moving average @ 23.74, above its 50 Daily moving average @ 23.32 , above its 100 Daily moving average @ 21.58 and above its 200 Daily moving average @ 21.01

The previous day high was 23.77 while the previous day low was 22.97. The daily 38.2% Fib levels comes at 23.46, expected to provide support. Similarly, the daily 61.8% fib level is at 23.28, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 23.22, 22.7, 22.42
• Pivot resistance is noted at 24.01, 24.29, 24.81

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