#XAGUSD @ 23.234 Silver price returns from two-month lows, crosses the 200-day EMA and $23 threshold and ends the week with a 2.89% loss. (Pivot Orderbook analysis)

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• Silver price returns from two-month lows, crosses the 200-day EMA and $23 threshold and ends the week with a 2.89% loss.
• Despite US data supporting another Fed rate hike and subsequent rise in Treasury bond yields, silver price sustains an upward trajectory, targeting the 100-day EMA.
• With the Relative Strength Index indicating potential silver weakness, downside risk remains.

The pair currently trades last at 23.234.

The previous day high was 23.15 while the previous day low was 22.7. The daily 38.2% Fib levels comes at 22.87, expected to provide support. Similarly, the daily 61.8% fib level is at 22.98, expected to provide support.

Silver price bounces off two-month-lows hit at $22.68, rallies sharply, and claims the 200-day Exponential Moving Average (EMA) at $22.82 and the $23.00 psychological figure on Friday’s mid-North American session. Although the white metal is gaining more than 1.90%, it is set to finish the week with losses of 2.89%. At the time of writing, XAG/USD is trading at $23.15.

Even though economic data from the United States (US) justifies another rate hike by the US Federal Reserve (Fed). Therefore, US Treasury bond yields are rising, underpinning the greenback. However, the XAG/USD ignored most factors that could drag the price low and rip higher, eyeing the 100-day Exponential Moving Average (EMA) at $23.47.

Nevertheless, the Relative Strength Index (RSI) is in bearish territory, warranting further Silver weakness, while the 3-day Rate of Change (RoC) has yet to reach neutral levels. Therefore, additional downside could be expected.

However, if XAG/USD clears the 100-day EMA, it would face sold resistance at the confluence of the 20 and 50-day EMAs at around $23.97-24.00. Once broken, the next supply zone would be the $25.00 mark.

On the flip side, and the path of least resistance in the near term, the XAG/USD first support would be $23.00, followed by $22.68, the current week’s low. A beach of the latter will expose the March 21 swing low of $22.14.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.25 at the time of writing. Pair opened at 22.74 and is trading with a change of 2.24 % .

The pair is trading below its 20 Daily moving average @ 24.47, below its 50 Daily moving average @ 24.34 , below its 100 Daily moving average @ 23.36 and above its 200 Daily moving average @ 22.0

The previous day high was 23.15 while the previous day low was 22.7. The daily 38.2% Fib levels comes at 22.87, expected to provide support. Similarly, the daily 61.8% fib level is at 22.98, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 22.58, 22.42, 22.13
• Pivot resistance is noted at 23.03, 23.32, 23.48

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