#XAGUSD @ 23.050 Silver attracts fresh buyers on Thursday and snaps a three-day losing streak to over a one-week low.

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• Silver attracts fresh buyers on Thursday and snaps a three-day losing streak to over a one-week low.

The pair currently trades last at 23.050.

The previous day high was 23.02 while the previous day low was 22.56. The daily 38.2% Fib levels comes at 22.73, expected to provide support. Similarly, the daily 61.8% fib level is at 22.84, expected to provide support.

Silver (XAG/USD) builds on the previous day’s bounce from the vicinity of mid-$22.00s, or over a one-week low and scales higher through the early part of the European session on Thursday. The white metal, for now, seems to have snapped a three-day losing streak and currently trades around the $23.00 round figure, up nearly 1% for the day.

From a technical perspective, the XAG/USD has been showing some resilience below the 38.2% Fibonacci retracement level of the May-October slide. Moreover, oscillators on the daily chart are holding in the positive territory and support prospects for a further appreciating move. That said, any subsequent move up is more likely to confront stiff resistance near the $23.30-$23.40 confluence, comprising the 50% Fibo. level, the 100-day and 200-day Simple Moving Averages (SMAs).

This is followed by the $23.70-$23.75 strong horizontal barrier, above which a bout of a short-covering move could lift the XAG/USD towards the $24.00 mark, which coincides with the 61.8% Fibo. level. Some follow-through buying will expose a descending trend-line hurdle extending from the May high, currently pegged around the $24.20 region. A convincing breakout through the latter will be seen as a fresh trigger for bullish traders and set the stage for some meaningful upside.

On the flip side, the 38.2% Fibo. level, around the $22.75 area, now seems to protect the immediate downside ahead of the overnight swing low, near the $22.55 zone. Failure to defend the said support levels might prompt some technical selling and drag the XAG/USD to the $22.30-$22.25 horizontal resistance breakpoint now turned support. The downward trajectory could get extended further towards the $22.00 round-figure mark, representing 23.6% Fibo. level.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.07 at the time of writing. Pair opened at 22.86 and is trading with a change of 0.92 % .

The pair is trading above its 20 Daily moving average @ 22.22, above its 50 Daily moving average @ 22.96 , below its 100 Daily moving average @ 23.28 and below its 200 Daily moving average @ 23.31

The previous day high was 23.02 while the previous day low was 22.56. The daily 38.2% Fib levels comes at 22.73, expected to provide support. Similarly, the daily 61.8% fib level is at 22.84, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 22.6, 22.35, 22.14
• Pivot resistance is noted at 23.07, 23.28, 23.54

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