#XAGUSD @ 25.271 Silver Price Analysis: consolidates around $25.30-35 area, bullish potential intact (Pivot Orderbook analysis)

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The pair currently trades last at 25.271.

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 lacks any firm directional bias and oscillates in a range above the $25.00 mark.
The technical setup favours bullish traders and supports prospects for further gains.
Dips towards $24.65 confluence support might still be seen as a buying opportunity.

Silver attracts some dip-buying in the vicinity of the $25.00 psychological mark and touches a three-day high on Thursday, albeit the intraday uptick lacks bullish conviction. The white metal seesaws between tepid gains/minor losses through the early North American session and is currently placed around the $25.30 region, nearly unchanged for the day.

From a technical perspective, the recent pullback from over a one-year high – levels just above the $26.00 round figure touched last week – stalled on Wednesday near the 23.6% Fibonacci retracement level of the March-April rally. The said support, around the $24.65 region, now coincides with the upward sloping 100-period Simple Moving Average (SMA) on the 4-hour chart and should act as a pivotal point.

Meanwhile, oscillators on the daily chart are holding comfortably in the bullish territory and have just started gaining positive traction on the 4-hour chart. This, in turn, favours bullish traders and supports prospects for the resumption of the recent rally witnessed over the past month or so. Hence, some follow-through strength towards the $25.80 hurdle, en route to the $26.00 mark, looks like a distinct possibility.

On the flip side, weakness below the $25.00 mark might continue to find decent support near the $24.65 confluence. This is closely followed by the $24.40-$24.30 strong horizontal resistance breakpoint, now turned support, which if broken decisively could drag the XAG/USD towards the $24.00 mark. The downward trajectory could get extended further towards the 38.2% Fibo. level, around the $23.75 area.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 25.34 at the time of writing. Pair opened at 25.29 and is trading with a change of 0.2 % .

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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