#XAGUSD @ 19.354 Silver comes under renewed selling pressure and reverses Friday’s modest gains. (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• Silver comes under renewed selling pressure and reverses Friday’s modest gains.
• Repeated failures near a descending trend-line warrant some caution for bulls.
• Strength beyond the $20.00 mark is needed to support prospects for further gains.

The pair currently trades last at 19.354.

The previous day high was 19.62 while the previous day low was 18.78. The daily 38.2% Fib levels comes at 19.3, expected to provide support. Similarly, the daily 61.8% fib level is at 19.1, expected to provide support.

Silver struggles to capitalize on Friday’s goodish rebound from a one-week low and meets with a fresh supply on the first day of a new week. The white metal maintains its offered tone through the first half of the European session and is currently placed near the daily low, around the $19.30 region.

From a technical perspective, the XAG/USD, so far, has been struggling to make it through a descending trend-line resistance extending from the May swing high. Repeated failures near the said barrier suggest that the recent recovery from over a two-year low, the $17.55 area might have already run out of steam.

That said, technical indicators on the daily chart are holding with a mild positive bias and support prospects for the emergence of some dip-buying at lower levels. Hence, it will be prudent to wait for some follow-through selling below the $19.00 mark before positioning for any further depreciating move.

The next relevant support is pegged near Friday’s swing low, around the $18.80-$18.75 region, which if broken decisively will shift the near-term bias back in favour of bearish traders. The XAG/USD might then accelerate the fall to the $18.45-$18.40 intermediate support en route to the $18.00 round-figure mark.

On the flip side, the aforementioned descending trend-line, currently around the $19.85 region, might continue to act as an immediate strong barrier. This is closely followed by the $20.00 psychological mark. A sustained strength beyond the latter is needed to confirm a near-term bullish breakout and additional gains.

The subsequent move up has the potential to lift the XAG/USD to the 100-day SMA, near the $20.30 area. The momentum could further get extended towards the $20.50 region, above which spot prices could aim to reclaim the $21.00 round-figure mark before eventually climbing further towards the $21.50 area.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 19.35 at the time of writing. Pair opened at 19.57 and is trading with a change of -1.12 % .

The pair is trading above its 20 Daily moving average @ 18.8, above its 50 Daily moving average @ 19.25 , below its 100 Daily moving average @ 20.34 and below its 200 Daily moving average @ 22.13

The previous day high was 19.62 while the previous day low was 18.78. The daily 38.2% Fib levels comes at 19.3, expected to provide support. Similarly, the daily 61.8% fib level is at 19.1, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 19.03, 18.49, 18.19
• Pivot resistance is noted at 19.87, 20.17, 20.71

[/s2If]
Join Our Telegram Group