#XAGUSD @ 18.901 Silver edges higher for the second straight day, though remains below the $19.00 mark. (Pivot Orderbook analysis)

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• Silver edges higher for the second straight day, though remains below the $19.00 mark.
• The set-up warrants some caution for bulls and before positioning for any further gains.
• A sustained break below the $18.00 mark will be seen as a fresh trigger for bearish traders.

The pair currently trades last at 18.901.

The previous day high was 18.94 while the previous day low was 18.24. The daily 38.2% Fib levels comes at 18.67, expected to provide support. Similarly, the daily 61.8% fib level is at 18.51, expected to provide support.

Silver gains traction for the second successive day on Tuesday and looks to build on its recent bounce from over a two-week low, around the $18.00 mark touched on Friday. The white metal, however, remains well within the previous day’s broader trading range and below the $19.00 round figure.

Technical indicators on daily/4-hour charts – though have been recovering from the negative territory – are yet to confirm a bullish bias. Hence, it will be prudent to wait for a sustained move beyond the aforementioned handle before positioning for any further appreciating move. The XAG/USD might then accelerate the momentum towards the $19.70-$19.80 supply zone.

This is closely followed by the $20.00 psychological mark, which if cleared decisively will negate any near-term negative bias and trigger a fresh wave of the short-covering move. The subsequent move up has the potential to lift the XAG/USD further beyond the $20.50 intermediate hurdle, towards testing the $21.00-$21.10 barrier, or the 200-day EMA.

On the flip side, the Asian session low, around the $18.60 area now seems to protect the immediate downside. Any further decline could find support near the $18.00 mark, which should now act as a pivotal point. A convincing break below will make the XAG/USD vulnerable to retest the YTD low, around the $17.55 area, before dropping to the $17.00 mark.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 18.82 at the time of writing. Pair opened at 18.65 and is trading with a change of 0.91 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 19.39, 50 SMA 19.29, 100 SMA @ 19.82 and 200 SMA @ 21.79.

The previous day high was 18.94 while the previous day low was 18.24. The daily 38.2% Fib levels comes at 18.67, expected to provide support. Similarly, the daily 61.8% fib level is at 18.51, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 18.28, 17.91, 17.58
• Pivot resistance is noted at 18.99, 19.32, 19.69

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