#XAGUSD @ 23.880 Silver climbs to a two-week high on Friday, albeit struggles to capitalize on the move. (Pivot Orderbook analysis)
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- Silver climbs to a two-week high on Friday, albeit struggles to capitalize on the move.
- Bulls now await a sustained move beyond the $24.00 mark before placing fresh bets.
- Weakness below the 100-day SMA is needed to negate the near-term positive outlook.
The pair currently trades last at 23.880.
The previous day high was 23.92 while the previous day low was 23.28. The daily 38.2% Fib levels comes at 23.68, expected to provide support. Similarly, the daily 61.8% fib level is at 23.53, expected to provide support.
Silver builds on its recent goodish rebound from sub-$23.00 levels and climbs to a two-week high on Friday, albeit struggles to capitalize on the modest intraday uptick. The white metal pulls back from the vicinity of the $24.00 mark, representing the 38.2% Fibonacci retracement level of the downfall in May, and trades with a mild positive bias during the early European session.
From a technical perspective, this week’s sustained move beyond the 100-day Simple Moving Average (SMA) and the overnight break through the 23.6% Fibo. level favours bullish traders. Moreover, oscillators on the daily chart have recovered from the negative territory, though are yet to confirm a positive outlook. This makes it prudent to wait for some follow-through buying beyond the $24.00 mark before positioning for an extension of the recent bounce from over a two-month low touched last week.
The XAG/USD might then accelerate the momentum towards the next relevant hurdle near the $24.20-$24.25 region en route to the $24.40-$24.50 horizontal support breakpoint. The latter coincides with the 50% Fibo. level, above which a fresh bout of a short-covering should allow bullish traders to reclaim the $25.00 psychological mark. The upward trajectory could get extended towards the $25.30-$25.35 supply zone before the commodity eventually makes a fresh attempt to conquer the $26.00 mark.
On the flip side, any meaningful pullback now seems to attract fresh buyers near the mid-$23.00s, or the 23.6% Fibo. level. This should help limit the downside for the XAG/USD near the 100-day SMA, currently pegged around the $23..35 area. That said, a convincing break below will expose the $23.00 mark. This is followed by the May monthly swing low, around the $22.70-$22.65 region, which if broken decisively will negate any positive outlook and shift the bias back in favour of bearish traders.
Technical Levels: Supports and Resistances
XAGUSD currently trading at 23.89 at the time of writing. Pair opened at 23.88 and is trading with a change of 0.04 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 23.89 |
| 1 | Today Daily Change | 0.01 |
| 2 | Today Daily Change % | 0.04 |
| 3 | Today daily open | 23.88 |
The pair is trading below its 20 Daily moving average @ 23.97, below its 50 Daily moving average @ 24.44 , above its 100 Daily moving average @ 23.36 and above its 200 Daily moving average @ 22.1
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 23.97 |
| 1 | Daily SMA50 | 24.44 |
| 2 | Daily SMA100 | 23.36 |
| 3 | Daily SMA200 | 22.10 |
The previous day high was 23.92 while the previous day low was 23.28. The daily 38.2% Fib levels comes at 23.68, expected to provide support. Similarly, the daily 61.8% fib level is at 23.53, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 23.47, 23.05, 22.82
- Pivot resistance is noted at 24.11, 24.34, 24.75
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 23.92 |
| Previous Daily Low | 23.28 |
| Previous Weekly High | 23.92 |
| Previous Weekly Low | 22.68 |
| Previous Monthly High | 26.14 |
| Previous Monthly Low | 22.68 |
| Daily Fibonacci 38.2% | 23.68 |
| Daily Fibonacci 61.8% | 23.53 |
| Daily Pivot Point S1 | 23.47 |
| Daily Pivot Point S2 | 23.05 |
| Daily Pivot Point S3 | 22.82 |
| Daily Pivot Point R1 | 24.11 |
| Daily Pivot Point R2 | 24.34 |
| Daily Pivot Point R3 | 24.75 |
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