#XAGUSD @ 25.218 is poised for five consecutive weeks of gains, up 0.81%. (Pivot Orderbook analysis)

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• XAG/USD is poised for five consecutive weeks of gains, up 0.81%.
• Silver’s break below $26.00 opened the door for a test of $25.00.

The pair currently trades last at 25.218.

The previous day high was 25.98 while the previous day low was 25.39. The daily 38.2% Fib levels comes at 25.75, expected to provide resistance. Similarly, the daily 61.8% fib level is at 25.61, expected to provide resistance.

Silver price reached a new YTD high at $26.08, but retraces, as traders booking profits, are forming a bearish-engulfing candle pattern, suggesting that further downside is warranted. Among technical indicators, US economic news and Fed speakers underpinned the US Dollar (USD) to the detriment of the white metal. At the time of typing, the XAG/USD is trading at $25.23, down 2.26%.

The XAG/USD is still upward biased from a daily chart perspective. The emergence of a bearish candlestick pattern and the Relative Strength Index (RSI) exiting oversold territory triggered profit-taking in the white metal. Additionally, a negative divergence between XAG/USD’s price action and the Rate of Change (RoC) indicates that buying pressure is waning, exacerbating Silver’s drop below $26.00.

If XAG/USD falls below $25.00, that will pave the way toward the February 2 high at $24.63, the previous resistance turned support, followed by the 20-day Exponential Moving Average (EMA) at $24.20. Once cleared, the psychological $24.00 level would be next.

Conversely, for a bullish continuation, the XAG/USD needs to get above the April 13 low of $25.40, which could motivate XAG buyers to re-enter the market at solid price levels. In that case, the XAG/USD first resistance would be the YTD high at $26.08, followed by April 18, 2022, swing high at $26.21, followed by 2022 high at $26.94.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 25.16 at the time of writing. Pair opened at 25.82 and is trading with a change of -2.56 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 23.82, 50 SMA 22.41, 100 SMA @ 22.89 and 200 SMA @ 21.23.

The previous day high was 25.98 while the previous day low was 25.39. The daily 38.2% Fib levels comes at 25.75, expected to provide resistance. Similarly, the daily 61.8% fib level is at 25.61, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 25.49, 25.15, 24.9
• Pivot resistance is noted at 26.07, 26.31, 26.65

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