#XAGUSD @ 25.259 Silver price to remain range-bound around $25.00-$25.50 as oscillators neutralize. (Pivot Orderbook analysis)

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• Silver price to remain range-bound around $25.00-$25.50 as oscillators neutralize.
• XAG/USD Price Analysis: Upward biased above $25.00, and it can test $27.00; otherwise, it could dive towards $23.50.

The pair currently trades last at 25.259.

The previous day high was 25.37 while the previous day low was 24.64. The daily 38.2% Fib levels comes at 25.09, expected to provide support. Similarly, the daily 61.8% fib level is at 24.92, expected to provide support.

Silver price stays firm at around $25.20, consolidating for the third day in a row, as the Relative Strength Index (RSI) gets out of the overbought territory. Therefore, the XAG/USD lost traction on its way toward $26.00 a troy ounce, but the uptrend stays in play. The XAG/USD is trading at $26.26, a gain of 0.11%.

The XAG/USD is trading sideways after recovering from Wednesday’s dip toward $24.65. Even though it looks like a hammer, price action on Thursday was sideways as a classic doji emerged. As the RSI exited overbought conditions, its slope is aiming lower, meaning that sellers are gathering momentum. Meanwhile, the Rate of Change (RoC) portrays bulls jumping off the boat as buying pressure fades.

If XAG/USD remains above $25.00, in the near term, it will test the YTD high at $26.08. A breach of the latter will expose the $26.50 before the XAG/USD tests the last year’s high at $26.94, ahead of reaching $27.00.

On the other hand, the XAG/USD first support would be $25.00. Once broken, the following demand zone would be the April 19 low at $24.65, followed by the $24.00 psychological price level. A dip beyond this area will tumble Silver toward the 50-day EMA at $23.58.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 25.28 at the time of writing. Pair opened at 25.29 and is trading with a change of -0.04 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 24.41, 50 SMA 22.63, 100 SMA @ 23.05 and 200 SMA @ 21.35.

The previous day high was 25.37 while the previous day low was 24.64. The daily 38.2% Fib levels comes at 25.09, expected to provide support. Similarly, the daily 61.8% fib level is at 24.92, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 24.83, 24.38, 24.11
• Pivot resistance is noted at 25.56, 25.83, 26.29

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