#XAGUSD @ 23.511 Silver edges higher on Friday, albeit the intraday uptick lacks follow-through. (Pivot Orderbook analysis)

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• Silver edges higher on Friday, albeit the intraday uptick lacks follow-through.
• The overnight failure near the $24.50 supply zone warrants caution for bulls
• .Sustained break below the $23.00 mark is needed to confirm negative bias.

The pair currently trades last at 23.511.

The previous day high was 24.64 while the previous day low was 23.42. The daily 38.2% Fib levels comes at 23.89, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.17, expected to provide resistance.

Silver attracts some buyers near the 50-day SMA on Friday and stalls the previous day’s retracement slide from its highest level since April 2022. The white metal sticks to a mildly positive tone through the early European session, though the intraday uptick lacks bullish conviction.

Looking at the broader picture, the XAG/USD has been oscillating in a familiar band over the past one-and-half month or so, forming a rectangle pattern on the daily chart. This points to indecision among traders and warrants some caution before placing aggressive directional bets. The overnight failure to find acceptance above the $24.50 supply zone validates the trading range resistance, which should now act as a pivotal point.

Given that technical indicators on the daily chart have just started drifting in the negative territory, it will be prudent to wait for a sustained move beyond the said barrier before placing bullish bets. The XAG/USD might then aim to reclaim the $25.00 psychological mark for the first time since April 2022. The momentum could get extended towards the next relevant hurdle near the $25.35 region en route to the $26.00 round figure.

On the flip side, any further slide below the $23.40-$23.30 horizontal zone might continue to find decent support near the $23.00-$22.95 region. This is followed by support near the $22.75 area, which if broken decisively could drag the XAG/USD to the next relevant support near the $22.20-$22.15 zone ahead of the $22.00 mark.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.53 at the time of writing. Pair opened at 23.46 and is trading with a change of 0.3 % .

The pair is trading below its 20 Daily moving average @ 23.76, above its 50 Daily moving average @ 23.41 , above its 100 Daily moving average @ 21.66 and above its 200 Daily moving average @ 21.02

The previous day high was 24.64 while the previous day low was 23.42. The daily 38.2% Fib levels comes at 23.89, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.17, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 23.04, 22.63, 21.83
• Pivot resistance is noted at 24.26, 25.06, 25.47

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