#XAGUSD @ 22.054 Silver attracts some buyers near the 100-day SMA support, though lacks follow-through. (Pivot Orderbook analysis)

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• Silver attracts some buyers near the 100-day SMA support, though lacks follow-through.
• The setup favours bearish traders and supports prospects for a further depreciating move.
• A sustained move beyond the $23.00 mark is needed to negate the near-term bearish bias.

The pair currently trades last at 22.054.

The previous day high was 22.31 while the previous day low was 21.84. The daily 38.2% Fib levels comes at 22.13, expected to provide resistance. Similarly, the daily 61.8% fib level is at 22.02, expected to provide support.

Silver manages to defend the 100-day SMA support and stage a modest bounce from its lowest level since late November, around the $21.80 region touched earlier this Monday. The white metal, however, lacks any follow-through buying and struggles to capitalize on the recovery move beyond the $22.00 mark.

From a technical perspective, last week’s break and acceptance below the 38.2% Fibonacci retracement level of the recent rally from October 2022 favours bearish traders. Furthermore, oscillators on the daily chart are holding deep in the negative territory and are still far from being in the oversold zone. This, in turn, supports prospects for an extension of the recent sharp pullback from the $24.65 area, or over a nine-month high touched on February 2.

Some follow-through selling below the 100-day SMA, currently around the $21.75 region, will reaffirm the near-term bearish outlook. The XAG/USD would then turn vulnerable to test to the 50% Fibo. level, around the $21.35 area. The downward trajectory could get extended further towards the $21.00 level en route to the 61.8% Fibo. level, around the $20.60-$20.55 zone. The commodity could eventually drop towards challenging the $20.00 psychological mark.

On the flip side, any meaningful recovery beyond the $22.15 area – the 38.2% Fibo. support breakpoint – is more likely to attract fresh sellers near the $22.60-$22.70 supply zone. This, in turn, should cap the XAG/USD near the $23.00 mark, representing the 23.6% Fibo. That said, a convincing break through the latter could offset the negative outlook and shift the near-term bias in favour of bullish traders, paving the way to reclaim the $24.00 round figure.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 22.02 at the time of writing. Pair opened at 22.02 and is trading with a change of 0.0 % .

The pair is trading below its 20 Daily moving average @ 23.29, below its 50 Daily moving average @ 23.43 , above its 100 Daily moving average @ 21.83 and above its 200 Daily moving average @ 21.0

The previous day high was 22.31 while the previous day low was 21.84. The daily 38.2% Fib levels comes at 22.13, expected to provide resistance. Similarly, the daily 61.8% fib level is at 22.02, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 21.8, 21.58, 21.33
• Pivot resistance is noted at 22.27, 22.53, 22.75

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