#XAGUSD @ 23.493 Silver slumps after reaching a new YTD high at $24.62 and is back below $23.50. (Pivot Orderbook analysis)

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• Silver slumps after reaching a new YTD high at $24.62 and is back below $23.50.
• Gold Price Forecast: XAU/USD erases Wednesday’s gains, plunges below $1,920 post BoE, ECB decisions.
• Silver Price Analysis: Trapped within the $23.00-$24.50 range.

The pair currently trades last at 23.493.

The previous day high was 24.04 while the previous day low was 23.37. The daily 38.2% Fib levels comes at 23.78, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.62, expected to provide resistance.

After hitting a new nine-month high of $24.62, Silver price nosedives, failing to break the $23.00-$24.50 range for the fourth consecutive day in the week, and exchanges hands at around $23.40s at the time of writing.

Wall Street continues to record gains bolstered by a big tech company projecting a positive outlook for 2023. The Federal Reserve rate hike of 25 bps weighed on the greenback during Wednesday and Thursday’s overnight session. However, the greenback is staging a comeback, albeit US Treasury yields fall. That has been a tailwind for the white metal, extending its losses toward the bottom of the range.

The XAG/USD is still range-bound, dropped below the 20-day Exponential Moving Average (EMA) at $23.69, which would act as a resistance level in the event of Silver attempting to rally back to $24.00. XAG/USD’s failure to decisively break the previous YTD high at $24.54 could pave the way for a re-test of $23.00, a psychological level. Once cleared, that will put in play the January 23 swing low of $22.76, followed by the December 16 daily low at $22.56.

As an alternate scenario, Silver’s reclaiming $24.00 would open the door for further upside and continuation after one month of consolidation, within the $23.00-$24.50 range. After XAG/USD climbs above the top of the range, the next ceiling would be the YTD high at $24.62, followed by the $25.00 figure.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.49 at the time of writing. Pair opened at 24.0 and is trading with a change of -2.13 % .

The pair is trading below its 20 Daily moving average @ 23.75, above its 50 Daily moving average @ 23.37 , above its 100 Daily moving average @ 21.62 and above its 200 Daily moving average @ 21.02

The previous day high was 24.04 while the previous day low was 23.37. The daily 38.2% Fib levels comes at 23.78, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.62, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 23.57, 23.13, 22.89
• Pivot resistance is noted at 24.24, 24.48, 24.91

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