For two consecutive days, #XAGUSD at 22.796 has been making gains, rising to its highest point in four days at $22.88.

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• XAG/USD sets a second day in a row of gains, jumping to a four-day high of $22.88.

The pair currently trades last at 22.796.

The previous day high was 22.68 while the previous day low was 22.11. The daily 38.2% Fib levels comes at 22.47, expected to provide support. Similarly, the daily 61.8% fib level is at 22.33, expected to provide support.

On Monday, XAG/USD reclaimed the 200-day Simple Moving Average (SMA) at $22.52 and soared to a high of $22.88. This surge in Silver prices can be attributed to a cautious market sentiment preceding the upcoming speeches from central bankers at the European Central Bank (ECB) Forum at Sintra. Furthermore, the declining US yields have led to increased demand for precious metals, further supporting Silver’s upward momentum.

The ECB Forum at Sintra kicked off, and Christine Lagarde will deliver a speech on Monday. On Wednesday, it will be the turn of Federal Reserve (Fed) Jerome Powell and Bank of England (BoE) Governor Andrew Bailey. Investors will be looking for clues regarding forward guidance for each bank’s respective monetary policies, and as non-yielding precious metals tend to be negatively correlated with higher interest rates, hawkish clues may apply downward pressure on the Silver.

In the meantime, the 10-year US Bond yield and the DXY Index declined, making the XAG/USD find demand. That being said, the mentioned yield retreated 0.54% to 3.71% while the Dollar Index rose to 102.75 saw slight losses.

According to the daily chart, the technical outlook for the XAG/USD remains neutral to bearish for the short term. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) both gained some traction in negative territory but on the bigger picture the sellers are in charge.

Support levels to watch: $22.52 (200-day SMA), $22.40, $22.10 (low since March)

Resistance levels to watch: $23.00, $23.34 (100-day SMA), $23.52 (20-day SMA)

Technical Levels: Supports and Resistances

XAGUSD currently trading at 22.8 at the time of writing. Pair opened at 22.44 and is trading with a change of 1.6 % .

The pair is trading below its 20 Daily moving average @ 23.54, below its 50 Daily moving average @ 24.19 , below its 100 Daily moving average @ 23.32 and above its 200 Daily moving average @ 22.49

The previous day high was 22.68 while the previous day low was 22.11. The daily 38.2% Fib levels comes at 22.47, expected to provide support. Similarly, the daily 61.8% fib level is at 22.33, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 22.14, 21.84, 21.57
• Pivot resistance is noted at 22.71, 22.98, 23.28

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