#XAGUSD @ 24.237 Silver price has sensed barricades around $24.20 as the focus shifts to the US Inflation. (Pivot Orderbook analysis)
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- Silver price has sensed barricades around $24.20 as the focus shifts to the US Inflation.
- Catalysts that are supporting more rate hikes by the Fed are persistence in core CPI and a recovery in US lending activities.
- Silver price showed a vertical sell-off after the formation of the Double Top pattern.
The pair currently trades last at 24.237.
The previous day high was 24.53 while the previous day low was 24.2. The daily 38.2% Fib levels comes at 24.4, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.32, expected to provide resistance.
Silver price (XAG/USD) has sensed selling pressure around $24.20 in the London session. The white metal is broadly showing a sideways action ahead of the release of the United States Consumer Price Index (CPI) and the announcement of the interest rate decision by the Federal Reserve (Fed).
S&P500 futures have accelerated their rally on hopes that the Federal Reserve (Fed) would call for a pause in the rate-hiking spell considering the fact that US labor market conditions are releasing the heat and factory activities are consistently contracting for the past seven months. The risk profile is upbeat and has improved the appeal for risk-perceived assets.
Catalysts that are supporting more interest rate hikes by the Fed are persistence in core inflation and a recovery in lending activities by US commercial banks. The latest data from the Fed showed that ending and deposit activities have increased straight for three weeks by commercial banks in the week ended May 31.
In spite of higher interest rates and tight credit disbursal conditions by the US commercial banks, lending activities have soared, which shows resilience in the US economy.
The US Dollar Index (DXY) has shown a sheer sell-off as the odds of a steady interest rate policy by the Fed are extremely solid. As per the CME Fedwatch tool, more than 73% of chances are in favor of a steady interest rate policy announcement.
Silver price has faced stiff barricades near the horizontal resistance plotted from April 25 low at $25.00, which was previously acting as a support. Earlier, the asset showed a vertical sell-off after the formation of the Double Top chart pattern.
For now, the white metal has climbed above the 200-period Exponential Moving Average (EMA), which indicates that the long-term trend is still bullish.
The Relative Strength Index (RSI) (14) is struggling in keeping itself in the bullish range of 60.00-80.00.
Technical Levels: Supports and Resistances
XAGUSD currently trading at 24.18 at the time of writing. Pair opened at 24.29 and is trading with a change of -0.45 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 24.18 |
| 1 | Today Daily Change | -0.11 |
| 2 | Today Daily Change % | -0.45 |
| 3 | Today daily open | 24.29 |
The pair is trading above its 20 Daily moving average @ 23.58, below its 50 Daily moving average @ 24.49 , above its 100 Daily moving average @ 23.35 and above its 200 Daily moving average @ 22.26
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 23.58 |
| 1 | Daily SMA50 | 24.49 |
| 2 | Daily SMA100 | 23.35 |
| 3 | Daily SMA200 | 22.26 |
The previous day high was 24.53 while the previous day low was 24.2. The daily 38.2% Fib levels comes at 24.4, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.32, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 24.15, 24.01, 23.82
- Pivot resistance is noted at 24.48, 24.67, 24.81
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 24.53 |
| Previous Daily Low | 24.20 |
| Previous Weekly High | 24.53 |
| Previous Weekly Low | 23.25 |
| Previous Monthly High | 26.14 |
| Previous Monthly Low | 22.68 |
| Daily Fibonacci 38.2% | 24.40 |
| Daily Fibonacci 61.8% | 24.32 |
| Daily Pivot Point S1 | 24.15 |
| Daily Pivot Point S2 | 24.01 |
| Daily Pivot Point S3 | 23.82 |
| Daily Pivot Point R1 | 24.48 |
| Daily Pivot Point R2 | 24.67 |
| Daily Pivot Point R3 | 24.81 |
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