#XAGUSD @ 22.890 Silver scales higher for the third straight day, albeit fails to find acceptance above $23.00.

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• Silver scales higher for the third straight day, albeit fails to find acceptance above $23.00.

The pair currently trades last at 22.890.

The previous day high was 22.89 while the previous day low was 22.42. The daily 38.2% Fib levels comes at 22.71, expected to provide support. Similarly, the daily 61.8% fib level is at 22.6, expected to provide support.

Silver gains some positive traction for the third successive day on Tuesday and climbs to a four-day high during the early part of the European session, though struggles to capitalize on the momentum or find acceptance above the $23.00 mark.

Against the backdrop of the overnight break through the 100-hour Simple Moving Average (SMA), for the first time since last Tuesday, bullish technical indicators on hourly charts support prospects for further intraday gains. However, oscillators on the daily chart – though have been recovering from lower levels – are yet to confirm a positive outlook and warrant some caution before placing fresh bullish bets around the XAG/USD.

In the meantime, any meaningful downside now seems to find some support near the $22.65 region, or the 100-hour SMA. The said area nears the 23.6% Fibonacci retracement level of the downfall witnessed over the past week or so, which if broken will shift the near-term bias back in favour of bearish traders. The XAG/USD might then turn vulnerable to retest the multi-month low, around the $22.10 region touched last week.

Some follow-through selling below the $22.00 mark will make the XAG/USD vulnerable to accelerate the fall further towards the $21.70-$21.65 support zone. The downward trajectory could get extended towards the next relevant support near the $21.25 area en route to the $21.00 round-figure mark.

On the flip side, any subsequent move beyond the $23.00 mark is likely to confront a stiff barrier near the $23.20-$23.25 confluence, comprising the 61.8% Fibo. level and the 200-hour SMA. This is followed by 61.8% Fibo. level, around the $23.40 region, which if cleared decisively will confirm that the XAG/USD has formed a bottom ahead of the $22.00 mark and pave the way for a further near-term appreciating move.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 22.87 at the time of writing. Pair opened at 22.78 and is trading with a change of 0.4 % .

The pair is trading below its 20 Daily moving average @ 23.52, below its 50 Daily moving average @ 24.14 , below its 100 Daily moving average @ 23.32 and above its 200 Daily moving average @ 22.51

The previous day high was 22.89 while the previous day low was 22.42. The daily 38.2% Fib levels comes at 22.71, expected to provide support. Similarly, the daily 61.8% fib level is at 22.6, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 22.51, 22.23, 22.04
• Pivot resistance is noted at 22.98, 23.17, 23.45

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