#XAGUSD @ 24.080 Double top formation in daily chart targets a fall toward $22.91. (Pivot Orderbook analysis)

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• Double top formation in XAG/USD daily chart targets a fall toward $22.91.
• Silver surpasses crucial support levels, turning resistance at 20-day and 50-day EMAs.
• Oscillators like RSI and 3-day RoC suggest selling pressure fading as the Silver price recovers.

The pair currently trades last at 24.080.

The previous day high was 24.21 while the previous day low was 23.74. The daily 38.2% Fib levels comes at 23.92, expected to provide support. Similarly, the daily 61.8% fib level is at 24.03, expected to provide support.

Silver price bounced off after dipping below the 50-day Exponential Moving Average (EMA) at $24.27, erasing some of its earlier losses that sent the white metal to a new daily low of $23.88. At the time of writing, the XAG/USD is trading at $24.05, above its opening price by 0.45%.

The XAG/USD daily chart portrays the formation of a double top, which targets a fall toward $22.91. After XAG/USD failed to crack the $26.13 year-to-date (YTD) high, it opened the door for a pullback, dragging Silver’s price toward $24.00.

As XAG/USD fell, the white metal surpassed crucial support levels, turning resistance like the 20-day EMA at $24.88 and the 50-day EMA at $24.27. Nevertheless, if XAG/USD crosses below $24.00, it would exacerbate a test of the 100-day EMA at $23.48, followed by the double top target of $22.90, a few pips above the 200-day EMA at $22.76.

Oscillators, like the Relative Strength Index (RSI) indicator at bearish territory, have made a U-turn as the white metal recovers; while the 3-day Rate of Change (RoC) shows that selling pressure has begun to fade.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 24.09 at the time of writing. Pair opened at 23.97 and is trading with a change of 0.5 % .

The pair is trading below its 20 Daily moving average @ 25.17, above its 50 Daily moving average @ 23.87 , above its 100 Daily moving average @ 23.39 and above its 200 Daily moving average @ 21.85

The previous day high was 24.21 while the previous day low was 23.74. The daily 38.2% Fib levels comes at 23.92, expected to provide support. Similarly, the daily 61.8% fib level is at 24.03, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 23.74, 23.51, 23.27
• Pivot resistance is noted at 24.2, 24.44, 24.67

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