#XAGUSD @ 25.272 Silver is still bullish but could test a four-month-old resistance-turned-support trendline nearby $24.20-40. (Pivot Orderbook analysis)

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• Silver is still bullish but could test a four-month-old resistance-turned-support trendline nearby $24.20-40.
• XAG/USD Price Analysis: It’s upward biased, though downside risks remain below $25.00.

The pair currently trades last at 25.272.

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 price erased its earlier losses that dragged the white metal towards testing February 2 highs at $24.63 per ounce and rallied back above the $25.00 psychological figure. Although the US Dollar (USD) remained underpinned by high US Treasury bond yields, the XAG/USD is trading at $25.25, about to finish Wednesday’s session with gains of 0.28%.

Since hitting YTD high at 26.08, the XAG/USD dropped sharply due to the overbought Relative Strength Index (RSI). Therefore, traders moved quickly to book profits, weakening Silver, which tumbled more than 5%. However, as oscillators turned neutral, the XAG/USD bottomed around $24.61, some 20-pips above the 20-day EMA.

For a bullish continuation, the XAG/USD must crack Wednesday’s high at $25.36. Once cleared, the XAG/USD next stop will be the April 17 daily high at $25.60 before posing a threat to $26.00, ahead of the YTD high at $26.08.

Conversely, the XAG/USD first support would be the psychological $25.00 level. A breakout to the downside will expose the 20-day EMA At $24.46, followed by a previously broken resistance-turned-support level at $24.20, as sellers brace towards $24,00. Once cleared, sellers will eye a test of the 50-day EMA at $23.45.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 25.29 at the time of writing. Pair opened at 25.2 and is trading with a change of 0.36 % .

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.

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

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