#XAGUSD @ 23.187 Silver price remains underpinned by a soft US Dollar and depressed US bond yields. (Pivot Orderbook analysis)

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• Silver price remains underpinned by a soft US Dollar and depressed US bond yields.
• XAG/USD Price Analysis: A daily close above $23.00 could exacerbate a rally toward YTD highs.

The pair currently trades last at 23.187.

The previous day high was 23.07 while the previous day low was 22.27. The daily 38.2% Fib levels comes at 22.77, expected to provide support. Similarly, the daily 61.8% fib level is at 22.58, expected to provide support.

Silver price advances sharply to fresh six-week highs in the North American session, courtesy of a weak US Dollar (USD), which remains downward pressured by falling US Treasury bond yields. Hence, the XAG/USD is trading at $23.12 after hitting a daily low of $22.76.

During the Federal Reserve’s (Fed) monetary policy decision, the XAG/USD traded sideways around the $22.20s area before the US Treasury bond yields tumbled. After that, Silver rallied and tested the $23.00 figure before pulling back and closing at $22.97. However, Thursday’s price action resumed upwards, with buyers piling around the $22.70 area, and lifted XAG/USD price above the $23.00 mark.

Although the XAG/USD bias is neutral, the 20-day Exponential Moving Average (EMA) at $21.87 exceeded the 200-day EMA at $21.83. That could exacerbate another leg-up in Silver prices, and the white metal could test the YTD high at $24.63.

The XAG/USD first resistance would be the February 3 daily high at $23.59. Once cleared, the XAG/USD will be headed toward the $24.00 mark. Once broken, Silver will be poised to test the YTD high at $24.63.

In an alternate scenario, the XAG/USD first support would be $23.00. A daily close below the latter will keep XAG/USD price downward pressured.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.17 at the time of writing. Pair opened at 22.97 and is trading with a change of 0.87 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 21.3, 50 SMA 22.28, 100 SMA @ 22.42 and 200 SMA @ 20.96.

The previous day high was 23.07 while the previous day low was 22.27. The daily 38.2% Fib levels comes at 22.77, expected to provide support. Similarly, the daily 61.8% fib level is at 22.58, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 22.47, 21.97, 21.67
• Pivot resistance is noted at 23.27, 23.57, 24.07

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