Silver’s price rises for the fifth consecutive day and reaches a nearly three-week peak on Wednesday.

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• Silver scales higher for the fifth straight day and jumps to a nearly three-week high on Wednesday.

The pair currently trades last at 23.728.

The previous day high was 23.45 while the previous day low was 23.21. The daily 38.2% Fib levels comes at 23.36, expected to provide support. Similarly, the daily 61.8% fib level is at 23.3, expected to provide support.

Silver prolongs its recent goodish rebound from the $22.20 area, or a nearly two-month low touched last week and gains strong follow-through traction for the fifth successive day on Wednesday. The momentum lifts the white metal to a two-and-half-week high during the early European session, closer to the $23.75 confluence barrier.

The said area comprises the 200-period Simple Moving Average (SMA) on the 4-hour chart, an ascending trend-line support breakpoint and the 50% Fibonacci retracement level of the July-August downfall. A sustained strength beyond will be seen as a fresh trigger for bullish traders. That said, the Relative Strength Index (RSI) on hourly charts is flashing overbought conditions and makes it prudent to wait for some intraday consolidation or a modest pullback before positioning for any further gains.

Technical indicators on the daily chart, however, have just started gaining positive traction and suggest that the path of least resistance for the XAG/USD is to the upside. Hence, any meaningful dip could attract fresh buyers and remain limited near the $23.40 region, or the 38.2% Fibo. level. The next relevant support is pegged near the $23.25 region, below which a fresh bout of technical selling could accelerate the fall and drag the XAG/USD towards the 23.6% Fibo. level, around the $23.00 mark.

Bulls, meanwhile, might wait for a convincing breakout through the $23.75 confluence, above which the XAG/USD could aim to reclaim the $24.00 round figure, which coincides with the 61.8% Fibo. level. Some follow-through buying might then lift the white metal to its next relevant hurdle near the $24.55-$24.60 region en route to the $25.00 psychological mark and the July monthly swing high, around the $25.25 zone.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.69 at the time of writing. Pair opened at 23.41 and is trading with a change of 1.2 % .

The pair is trading above its 20 Daily moving average @ 23.35, above its 50 Daily moving average @ 23.51 , below its 100 Daily moving average @ 24.0 and above its 200 Daily moving average @ 23.31

The previous day high was 23.45 while the previous day low was 23.21. The daily 38.2% Fib levels comes at 23.36, expected to provide support. Similarly, the daily 61.8% fib level is at 23.3, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 23.26, 23.11, 23.02
• Pivot resistance is noted at 23.51, 23.6, 23.75

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