#XAGUSD @ 19.283 Silver prices extend recovery to reach levels beyond $19.00. (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 prices extend recovery to reach levels beyond $19.00.
• The US dollar dives on Fed easing speculation.
• XAG/USD is now at a key resistance area of $19.30.

The pair currently trades last at 19.283.

The previous day high was 19.01 while the previous day low was 18.23. The daily 38.2% Fib levels comes at 18.71, expected to provide support. Similarly, the daily 61.8% fib level is at 18.53, expected to provide support.

Silver prices have extended Thursday’s rebound from $18.30 lows on Friday, breaking beyond $19.00 and reaching one-week highs at $19.30 so far. The precious metal appreciates more than 3% on the day, retracing half of the ground lost on the previous week’s sell-off.

A news report by the Wall Street Journal has suggested Federal Reserve officials are open to debate on how to signal a smaller rate hike in December. This has offset the positive impact of the bank’s representative’s hawkish rhetoric and sent the US dollar tumbling across the board.

Furthermore, an alleged intervention by the Bank of Japan and the Japanese Finance Ministry has sent the yen surging across the board. The USD/JPY plunged more than 2.5%, as a consequence, and weighed the US dollar across the board.

From a technical perspective, the pair is now testing the resistance area at $19.30 (Oct. 13 high and the 38.7% Fib. Retracement of the October 4-10 decline). Above here, the next potential targets are $19.65 (50% retracement and Oct. 11 high) and the $20.00 level.

On the downside, below the $19.00 previous resistance area, the next potential targets could be the 20-period SMA in the 4-hour chart, now at $18.60, and October 14 low at $18.08.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 19.27 at the time of writing. Pair opened at 18.67 and is trading with a change of 3.21 % .

The pair is trading above its 20 Daily moving average @ 19.25, above its 50 Daily moving average @ 19.17 , below its 100 Daily moving average @ 19.72 and below its 200 Daily moving average @ 21.73

The previous day high was 19.01 while the previous day low was 18.23. The daily 38.2% Fib levels comes at 18.71, expected to provide support. Similarly, the daily 61.8% fib level is at 18.53, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 18.27, 17.86, 17.49
• Pivot resistance is noted at 19.04, 19.41, 19.81

[/s2If]
Join Our Telegram Group