#XAGUSD @ 25.043 breaks below the $25.00-$25.50 range, though a daily close could pave the way for further downside. (Pivot Orderbook analysis)

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• XAG/USD breaks below the $25.00-$25.50 range, though a daily close could pave the way for further downside.
• XAG/USD Price Analysis: Oscillators suggest that sellers are regaining control; therefore, a fall toward $24.00 is likely.

The pair currently trades last at 25.043.

The previous day high was 25.24 while the previous day low was 24.79. The daily 38.2% Fib levels comes at 25.07, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.96, expected to provide support.

Silver price slides beneath the $25.00 figure after printing a daily high earlier at around $25.36. Though flows toward the US Dollar (USD) exacerbated a fall toward the 20-day Exponential Moving Average (EMA) at around current prices. At the time of writing, the XAG/USD is trading at $24.86.

The XAG/USD remains upward biased due to solid support at the 20-day EMA at $24.65. After piercing the latter, the XAG/USD jumped towards the $24.70s area, though oscillators tell a different story. The Relative Strength Index (RSI) aims downward, approaching the 50-mid line, which, once crossed, would indicate that sellers regained control. Also, the Rate of Change (RoC) shows that selling pressure has increased in the last three days. Hence, the XAG/USD is set for a pullback before resuming its uptrend.

The XAG/USD’s next support would be the April 25 daily low at $24.49. A breach of the latter will expose the psychological $24.00 level. Once cleared, the 50-day EMA at $23.69 would be tested, with the 100-day EMA up at $22.97.

Conversely, if XAG/USD cracks and achieves a daily close above $25.00, traders could expect further consolidation between $25.00-$25.50, as it has happened during the last four trading days.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 24.88 at the time of writing. Pair opened at 25.16 and is trading with a change of -1.11 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 24.72, 50 SMA 22.81, 100 SMA @ 23.12 and 200 SMA @ 21.44.

The previous day high was 25.24 while the previous day low was 24.79. The daily 38.2% Fib levels comes at 25.07, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.96, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 24.89, 24.62, 24.45
• Pivot resistance is noted at 25.34, 25.51, 25.78

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