#XAGUSD @ 23.070 Silver’s daily chart indicates a neutral to upward bias, although the 20-day EMA crossed above the 50-day EMA. (Pivot Orderbook analysis)

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• Silver’s daily chart indicates a neutral to upward bias, although the 20-day EMA crossed above the 50-day EMA.
• The appearance of back-to-back hammers on Friday and Monday could signal a possible pullback.
• XAG/USD Price Analysis:
• ounces off 20-EMA, set to challenge resistance at $23.09

The pair currently trades last at 23.070.

The previous day high was 23.52 while the previous day low was 22.97. The daily 38.2% Fib levels comes at 23.31, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.18, expected to provide resistance.

Silver price clashes with solid resistance and dwindles after hitting a daily high of $23.26. At the time of writing, the white metal is down 0.69%, trading at $23.06, a troy ounce.

Silver’s daily chart suggests the XAG/USD is neutral to upward biased, with the 20-day Exponential Moving Average (EMA) crossing above the 50-day EMA. Nevertheless, back-to-back hammers, last Friday’s inverted and Monday’s price action, could open the door for a pullback. In bullish territory, the Relative Strength Index (RSI) favors higher prices, but its slope turned south, while the Rate of Change (RoC) is neutral. That said, mixed signals warrant caution.

Short-term, the XAG/USD 4-hour chart indicates the pair is consolidating. The XAG/USD dipped toward the 20-EMA at $22.93, bouncing off and reclaiming the $23.00 figure. That, alongside the recent cross of the 100-EMA over the 200-EMA, could exacerbate a rally toward new YTD highs. Additionally, the Relative Strength Index (RSI) and the Rate of Change (RoC) shifted upwards.

Given the backdrop, the XAG/USD first resistance would be the March 27 high at $23.09. Once cleared, the white metal would be poised to test, the last week was high at $23.52 before challenging $24.00.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.08 at the time of writing. Pair opened at 23.24 and is trading with a change of -0.69 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 21.51, 50 SMA 22.24, 100 SMA @ 22.48 and 200 SMA @ 20.98.

The previous day high was 23.52 while the previous day low was 22.97. The daily 38.2% Fib levels comes at 23.31, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.18, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 22.97, 22.69, 22.41
• Pivot resistance is noted at 23.52, 23.8, 24.08

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