#XAGUSD @ 21.694 Silver price remains steady at around $21.70s despite losing 0.39% on Tuesday. (Pivot Orderbook analysis)

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• Silver price remains steady at around $21.70s despite losing 0.39% on Tuesday.
• The confluence of the 200/100/50-day EMAs would be solid resistance to break.
• XAG/USD Price Analysis: In the short term, neutral biased.

The pair currently trades last at 21.694.

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.

XAG/USD stays firm after rallying more than 6% on Monday on investors’ flight to safety following the collapse of the Silicon Valley Bank and Signature Bank. Nevertheless, worries about a potential spread had waned. At the time of writing, the XAG/USD exchanges hands at $21.68 a troy ounce.

Silver prices retreated from weekly highs reached during the day at $21.96 due to several technical reasons. The 200, 50 and 100-day Exponential Moving Averages (EMAs) confluence around the $21.79-86 area capped the white metal climb. Therefore, the XAG/USD closed Tuesday’s session at around $21.68, below the 200-day EMA. That said, the XAG/USD is neutral to upward bias, though a daily close above the 200-day EMA must shift the bias neutral upwards.

On the upside, the XAG/USD first resistance would be the 200-day EMA at $21.79. Once cleared, the next supply zone would be the 50/100-day EMAs intersection, at $21.84-86, followed by the $22.00 figure.

On the flip side, the XAG/USD first support would be the 20-day EMA at $21.26. A breach of the latter will expose the March 10 daily high turned support at $20.78, followed by the March 13 low at $20.50

Technical Levels: Supports and Resistances

XAGUSD currently trading at 21.71 at the time of writing. Pair opened at 21.82 and is trading with a change of -0.5 % .

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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