#XAGUSD @ 18.682 Silver futures recovery losses steam below $19.00. (Pivot Orderbook analysis)

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• Silver futures recovery losses steam below $19.00.
• Precious metals have pared losses on the back of a softer USD.
• XAG/USD remains close to a key support area at $17.60/18.10.

The pair currently trades last at 18.682.

The previous day high was 19.08 while the previous day low was 18.09. The daily 38.2% Fib levels comes at 18.47, expected to provide support. Similarly, the daily 61.8% fib level is at 18.7, expected to provide resistance.

Silver futures’ recovery from Friday’s lows at $18.00 seems to have lost steam on Monday’s US trading session. XAG/USD has failed to find acceptance above $18.90, although downside attempts remain, so far, limited above $18.65.

In the absence of first-tier macroeconomic releases, the news about the UK Government’s plan to reverse most of the tax cuts announced in September has been welcomed by investors. Stock markets are posting significant advances and the safe-haven US dollar has extended its pullback from recent highs.

The precious metal gained territory on Monday to put an end to a six-day sell-off, although the bullish trend has hesitated in the vicinity of $19.00. The pair would need to breach that revel to gather momentum and aim towards the $19.70/80 resistance area.

A confirmation above the $20.00 psychological level would negate the near-term negative trend and open the path toward August and October’s peaks in the area of $21.00

On the other hand, the pair remains still dangerously close to a key support area between $18.10 and $17.60, which contains July, August, and September’s lows. A downside reversal below here might take the pair to explore June 2020 lows at the $17.00 area and Apr 14, 2020, high at S15.85.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 18.7 at the time of writing. Pair opened at 18.3 and is trading with a change of 2.19 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 19.43, 50 SMA 19.33, 100 SMA @ 19.85 and 200 SMA @ 21.81.

The previous day high was 19.08 while the previous day low was 18.09. The daily 38.2% Fib levels comes at 18.47, expected to provide support. Similarly, the daily 61.8% fib level is at 18.7, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 17.9, 17.5, 16.91
• Pivot resistance is noted at 18.89, 19.48, 19.87

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