#XAGUSD @ 23.183 Silver consolidates the previous day’s strong move up to its highest level since February. (Pivot Orderbook analysis)

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• Silver consolidates the previous day’s strong move up to its highest level since February.
• The technical setup favours bullish traders and supports prospects for additional gains.
• Any pullback below the 61.8% Fibo. is likely to attract fresh buyers and remain limited.

The pair currently trades last at 23.183.

The previous day high was 23.22 while the previous day low was 22.76. The daily 38.2% Fib levels comes at 23.05, expected to provide support. Similarly, the daily 61.8% fib level is at 22.94, expected to provide support.

Silver is seen consolidating its recent strong gains to the highest level since February 03 touched the previous day and seesaws between tepid gains/minor losses through the early part of the European session on Friday. The white metal currently trades just above the $23.00 mark and seems poised to prolong the upward trajectory witnessed over the past two weeks or so, from the YTD low touched earlier this month.

This week’s sustained break and acceptance above the 61.8% Fibonacci retracement level of the recent pullback from a multi-month peak add credence to the constructive outlook. Moreover, technical indicators on the daily chart are holding comfortably in the positive territory and are still far from being in the overbought zone. This further favours bullish traders and supports prospects for an extension of the appreciating move.

Hence, a subsequent move up beyond the $24.00 round figure, towards retesting the multi-month peak around the $24.65 region touched in February, looks like a distinct possibility. Some follow-through buying should pave the way for additional gains and allow the XAG/USD to reclaim the $25.00 psychological mark for the first time since April 2022. The rally could get extended to the next relevant hurdle near the $25.30-$25.35 zone.

On the flip side, dips below the $23.00 mark might now find some support near the 61.8% Fibo. resistance breakpoint, around the $21.80 region. Any subsequent slide is more likely to attract fresh buyers around the $22.50 horizontal zone, which should help limit the downside for the XAG/USD near the $22.20 area, or the 50% Fibo. level. This is followed by the $22.00 mark, which if broken decisively could set the stage for deeper losses.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.15 at the time of writing. Pair opened at 23.11 and is trading with a change of 0.17 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 21.39, 50 SMA 22.26, 100 SMA @ 22.46 and 200 SMA @ 20.97.

The previous day high was 23.22 while the previous day low was 22.76. The daily 38.2% Fib levels comes at 23.05, expected to provide support. Similarly, the daily 61.8% fib level is at 22.94, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 22.84, 22.57, 22.37
• Pivot resistance is noted at 23.3, 23.5, 23.77

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