#XAGUSD @ 25.237 Sharp bounce in metals, boosted by a reversal of the US Dollar. (Pivot Orderbook analysis)
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- Sharp bounce in metals, boosted by a reversal of the US Dollar.
- XAG/USD bottomed at $24.63, lowest in two weeks, and is at $25.20.
- Next resistance for Silver is seen around $25.20/25.
The pair currently trades last at 25.237.
The previous day high was 25.32 while the previous day low was 24.93. The daily 38.2% Fib levels comes at 25.17, expected to provide support. Similarly, the daily 61.8% fib level is at 25.08, expected to provide support.
Silver reversed sharply rising 2.50% from the daily low. XAG/USD has turned positive and is testing daily highs near the $25.20/25 area. Just one hour ago, the price bottomed at $24.63, the lowest since April 6.
The rally in metals is gaining speed even as US yields rise and despite a negative opening in Wall Street. A decline of the US Dollar helped the intraday reversal in metals.
Gold also rose sharply during the last hours, gaining more than $20. XAU/USD is still down for the day, but off lows and back above $1,990/oz.
After the jump, XAG/USD tests a key short-term resistance around $25.20/25 again. A consolidation above would point to more gains, initially targeting the $25.60 zone. On the flip side, now $25.00 is again a support level. The downside seems limited as long as Silver stays above $24.75. A consolidation below should trigger more losses, with the next support at $24.20.
Technical Levels: Supports and Resistances
XAGUSD currently trading at 25.21 at the time of writing. Pair opened at 25.2 and is trading with a change of 0.04 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 25.21 |
| 1 | Today Daily Change | 0.01 |
| 2 | Today Daily Change % | 0.04 |
| 3 | Today daily open | 25.20 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 24.26, 50 SMA 22.57, 100 SMA @ 23.01 and 200 SMA @ 21.32.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 24.26 |
| 1 | Daily SMA50 | 22.57 |
| 2 | Daily SMA100 | 23.01 |
| 3 | Daily SMA200 | 21.32 |
The previous day high was 25.32 while the previous day low was 24.93. The daily 38.2% Fib levels comes at 25.17, expected to provide support. Similarly, the daily 61.8% fib level is at 25.08, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 24.98, 24.76, 24.59
- Pivot resistance is noted at 25.37, 25.54, 25.76
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 25.32 |
| Previous Daily Low | 24.93 |
| Previous Weekly High | 26.09 |
| Previous Weekly Low | 24.72 |
| Previous Monthly High | 24.16 |
| Previous Monthly Low | 19.90 |
| Daily Fibonacci 38.2% | 25.17 |
| Daily Fibonacci 61.8% | 25.08 |
| Daily Pivot Point S1 | 24.98 |
| Daily Pivot Point S2 | 24.76 |
| Daily Pivot Point S3 | 24.59 |
| Daily Pivot Point R1 | 25.37 |
| Daily Pivot Point R2 | 25.54 |
| Daily Pivot Point R3 | 25.76 |
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