#XAGUSD @ 18.776 Silver catches fresh bids on Thursday and pushes through the 100-hour EMA resistance. (Pivot Orderbook analysis)

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• Silver catches fresh bids on Thursday and pushes through the 100-hour EMA resistance.
• Some follow-through buying beyond the weekly high will set the stage for further gains.
• A convincing break below the $18.00 pivotal support will pave the way for further losses.

The pair currently trades last at 18.776.

The previous day high was 18.81 while the previous day low was 18.37. The daily 38.2% Fib levels comes at 18.54, expected to provide support. Similarly, the daily 61.8% fib level is at 18.64, expected to provide support.

Silver attracts some buying near the $18.25-$18.20 area on Thursday and continues gaining traction through the first half of the European session. The XAG/USD pushes through the 100-hour EMA barrier and hits a fresh daily high, around the $18.70-$18.75 area in the last hour.

The XAG/USD has now moved to the top end of its weekly trading range, around the $18.90-$19.00 region. Some follow-through buying should pave the way for a further near-term appreciating move towards the next relevant resistance near the $19.70-$19.80 supply zone.

This is closely followed by the $20.00 psychological mark, which if cleared decisively will be seen as a fresh trigger for bulls. The XAG/USD could then climb beyond the $20.50 intermediate hurdle and aim to reclaim the $21.00 mark, coinciding with the 200-day EMA.

On the flip side, the $18.50-$18.40 zone now seems to protect the immediate downside ahead of the daily low, around the $18.25-$18.20 region, and the $18.00 pivotal support. A convincing break below the latter will negate any positive bias and make the XAG/USD vulnerable.

The subsequent downfall has the potential to drag spot prices further towards the YTD low, around the $17.55 area touched in September. The downward trajectory could eventually drag the XAG/USD to the next relevant support near the $17.00 round-figure mark.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 18.75 at the time of writing. Pair opened at 18.46 and is trading with a change of 1.57 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 19.3, 50 SMA 19.21, 100 SMA @ 19.75 and 200 SMA @ 21.75.

The previous day high was 18.81 while the previous day low was 18.37. The daily 38.2% Fib levels comes at 18.54, expected to provide support. Similarly, the daily 61.8% fib level is at 18.64, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 18.28, 18.1, 17.84
• Pivot resistance is noted at 18.73, 18.99, 19.17

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