Silver rebounded on Wednesday and moved closer to its highest point in several weeks, demonstrating positive momentum.

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• Silver regains positive traction on Wednesday and inches closer to the multi-week high.

The pair currently trades last at 23.247.

The previous day high was 23.39 while the previous day low was 23.02. The daily 38.2% Fib levels comes at 23.16, expected to provide support. Similarly, the daily 61.8% fib level is at 23.25, expected to provide resistance.

Silver attracts some dip-buying during the Asian session on Wednesday and stalls the overnight rejection slide from the vicinity of the 100-day Simple Moving Average (SMA). The white metal currently trades around the $23.25 region, up nearly 0.50% for the day, and remains well within the striking distance of a three-week high touched on Tuesday.

Looking at the broader picture, the recent recovery from the $22.00 neighbourhood, or the multi-month low set on June 23, has been along an upward-sloping channel. This points to a well-established short-term uptrend and favours bullish traders. Adding to this, technical indicators on the daily chart have just started gaining positive traction and support prospects for a further near-term appreciating move.

That said, any subsequent move up might continue to confront some resistance near the $23.45 region (100-day SMA), which is closely followed by the $23.55-$23.60 confluence. The latter comprises the top end of the aforementioned trend channel and the 38.2% Fibonacci retracement level of the downfall of May-June downfall from the YTD peak, which if cleared will confirm a fresh bullish breakout.

The XAG/USD might then accelerate the momentum towards reclaiming the $24.00 round figure, which coincides with the 50% Fibo. level. The positive momentum could get extended further towards the $24.20-$24.25 intermediate barrier en route to the June monthly swing high, around the $24.55 region, above which the commodity might eventually aim to reclaim the $25.00 psychological mark.

On the flip side, the 23.6% Fibo. level, around the $23.00 round figure, now seems to protect the immediate downside. Any further decline is more likely to attract buyers and remain cushioned near the ascending trend-channel support, currently pegged around the $22.75-$22.70 region. That said, a convincing break below could make the XAG/USD vulnerable to sliding back towards challenging the $22 mark.

Some follow-through selling should pave the way for a fall towards the $21.70-$21.65 zone, below which the XAG/USD could drop to the $21.25 support en route to the $21.00 round figure.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.23 at the time of writing. Pair opened at 23.13 and is trading with a change of 0.43 % .

The pair is trading above its 20 Daily moving average @ 23.06, below its 50 Daily moving average @ 23.65 , below its 100 Daily moving average @ 23.43 and above its 200 Daily moving average @ 22.71

The previous day high was 23.39 while the previous day low was 23.02. The daily 38.2% Fib levels comes at 23.16, expected to provide support. Similarly, the daily 61.8% fib level is at 23.25, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 22.97, 22.81, 22.6
• Pivot resistance is noted at 23.34, 23.55, 23.71

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