#XAGUSD @ 25.629 Silver price bounced off the weekly low after sliding below the $25.10 area, around last Friday’s low. (Pivot Orderbook analysis)

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• Silver price bounced off the weekly low after sliding below the $25.10 area, around last Friday’s low.
• Mixed signals keep traders cautious; bullish continuation requires a break above $25.73, while downside risks remain below $25.33.

The pair currently trades last at 25.629.

The previous day high was 25.74 while the previous day low was 25.51. The daily 38.2% Fib levels comes at 25.6, expected to provide support. Similarly, the daily 61.8% fib level is at 25.65, expected to provide resistance.

Silver price prints minuscule gains as the Asian session begins after registering solid gains of 0.23% on Tuesday. Risk aversion is the game’s name; even though the US Dollar (USD) reported gains, so did the white metal. At the time of writing, the XAG/USD is trading at $25.60 per troy ounce.

The XAG/USD last week’s pullback nearby the 20-day Exponential Moving Average (EMA) at $25.06 resumed since the beginning of the current week. Monday’s price action was dull, as the white metal traded within a $0.20 rally before dropping toward the weekly low of $25.33.

It should be said the XAG/USD recovery had shown no sign of buyers gathering momentum, as shown by the Relative Strength Index (RSI) indicator, which remains in bullish territory, but is almost flat. The 3-day Rate of Change (RoC) indicated that sellers are moving in. Mixed signals could refrain XAG/USD traders from opening new positions as the US Consumer Price Index (CPI) data looms.

For a bullish continuation, XAG/USD buyers need a clear break above $25.73. Once cleared, the next supply zone that would be tested is the year-to-date (YTD) high at $26.12. A breach of the latter will expose the April 18, 2022, daily high of $26.21.

On the other hand, the XAG/USD needs to drop below the weekly low of $25.33. A break below this support area and the next stop would be the 20-day EMA at $25.19 before falling to the $25.00 figure.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 25.62 at the time of writing. Pair opened at 25.59 and is trading with a change of 0.12 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 25.3, 50 SMA 23.56, 100 SMA @ 23.35 and 200 SMA @ 21.76.

The previous day high was 25.74 while the previous day low was 25.51. The daily 38.2% Fib levels comes at 25.6, expected to provide support. Similarly, the daily 61.8% fib level is at 25.65, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 25.49, 25.38, 25.26
• Pivot resistance is noted at 25.72, 25.84, 25.95

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