#XAGUSD @ 21.630 trades below the three-week high level of $22.00 (Pivot Orderbook analysis)

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The pair currently trades last at 21.630.

The previous day high was 21.93 while the previous day low was 20.54. The daily 38.2% Fib levels comes at 21.4, expected to provide support. Similarly, the daily 61.8% fib level is at 21.07, expected to provide support.

Silver (XAG/USD) starts the day on a slightly bearish note, with a lower open price of $20.54 compared to the close price of the previous day. However, the XAG/USD currency pair climbs back up and trades at $21.70, still 0.47% down from its previous close of $21.81 at the press time, with a narrow intraday price range of $21.92 to $21.62. The market sentiment remains mixed ahead of Tuesday’s US inflation data.

After Silicon Valley Bank’s (SVB) collapse, the banking sector’s condition has raised concerns, leading to a decrease in expectations for a rate hike by the Federal Reserve (Fed). Investors are watching how this crisis and US Inflation data – to be announced on Tuesday at 15:30 GMT – could impact.

US February Consumer Price Index (CPI) (Feb) on Tuesday at 12:30 GMT and US February Retail Sales on Wednesday at 12:30 GMT are crucial for monetary expectations and are closely watched. However, the unfortunate SVB collapse has resulted in markets anticipating a more lenient stance by the Federal Reserve (Fed).

The daily chart shows XAG/USD trades above its 20-SMA of $21.05, indicating a short-term bullish trend. However, it is still below its daily 50-SMA of $22.36, suggesting a longer-term bearish bias. RSI(14) is at 59.43 at the time of press, indicating a buying stance.

The daily pivot point is $21.43, with daily resistance levels at $22.32, $22.82, and $23.71, and daily support levels at $20.93, $20.04, and $19.54.

Traders are advised to carefully monitor price movements ahead of the US inflation data and use appropriate risk management strategies.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 21.67 at the time of writing. Pair opened at 21.82 and is trading with a change of -0.69 % .

The pair is trading above its 20 Daily moving average @ 21.12, below its 50 Daily moving average @ 22.47 , below its 100 Daily moving average @ 22.22 and above its 200 Daily moving average @ 20.94

The previous day high was 21.93 while the previous day low was 20.54. The daily 38.2% Fib levels comes at 21.4, expected to provide support. Similarly, the daily 61.8% fib level is at 21.07, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 20.93, 20.04, 19.54
• Pivot resistance is noted at 22.32, 22.82, 23.7

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