Silver price at $23.369 takes a break from its upward movement of the past three days, encountering resistance near the 38.2% Fibonacci level.

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• Silver pauses a three-day-old ascending trend near the 38.2% Fibo. resistance.

The pair currently trades last at 23.369.

The previous day high was 23.32 while the previous day low was 22.67. The daily 38.2% Fib levels comes at 23.07, expected to provide support. Similarly, the daily 61.8% fib level is at 22.92, expected to provide support.

Silver enters a bullish consolidation phase and oscillates in a narrow range around the $23.30 region, just below its highest level in more than two weeks touched earlier this Tuesday.

From a technical perspective, the XAG/USD, for now, seems to have paused its recent recovery from the $22.20 area, or a nearly two-month low, near a resistance marked by the 38.2% Fibonacci retracement level of the July-August downfall. A sustained strength beyond the said barrier will be seen as a fresh trigger for bullish traders and pave the way for a further near-term appreciating move.

Given that oscillators on the daily chart have just started moving in the positive territory, the XAG/USD could then climb to 50% Fibo. resistance near the $23.75 region. The momentum could get extended to the $24.00-$24.10 confluence, comprising the 100-day SMA and the 61.8% Fibo. level. Some follow-through buying will suggest that a nearly one-month-old downfall has run its course.

On the flip side, any meaningful pullback now seems to find decent support near the $23.00 round figure, which now coincides with the 23.6% Fibo. level. This is followed by the $22.70-$22.65 support zone, which if broken decisively will expose the multi-month low, around the $22.10 region touched in June. This is followed by the $22.00 mark, below which Sliver could slide to the $21.55-$21.50 area.

The downward trajectory could get extended further towards the $21.00 round figure en route to the $20.60 area, below which the XAG/USD could drop to challenge the $20.00 psychological mark.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.35 at the time of writing. Pair opened at 23.31 and is trading with a change of 0.17 % .

The pair is trading below its 20 Daily moving average @ 23.42, below its 50 Daily moving average @ 23.52 , below its 100 Daily moving average @ 24.01 and above its 200 Daily moving average @ 23.3

The previous day high was 23.32 while the previous day low was 22.67. The daily 38.2% Fib levels comes at 23.07, expected to provide support. Similarly, the daily 61.8% fib level is at 22.92, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 22.88, 22.45, 22.23
• Pivot resistance is noted at 23.53, 23.75, 24.18

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