#XAGUSD @ 21.212 Silver stages a goodish rebound from over a one-week low touched on Thursday. (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 stages a goodish rebound from over a one-week low touched on Thursday.
• The overnight break and close below the 200-day SMA favours bearish traders.
• Any subsequent move up might confront stiff resistance near the $21.70 region.

The pair currently trades last at 21.212.

The previous day high was 21.49 while the previous day low was 20.75. The daily 38.2% Fib levels comes at 21.04, expected to provide support. Similarly, the daily 61.8% fib level is at 21.21, expected to provide support.

Silver regains some positive traction on Friday and recovers a part of the previous day’s heavy losses to a one-and-half-week low. The white metal sticks to its gains around the $21.20-$21.25 region through the first half of the European session and for now, seems to have snapped a three-day losing streak.

From a technical perspective, the overnight sustained weakness and a decisive close below the key 200-day SMA favours bearish traders. The said support breakpoint is currently pegged around the $21.40 area and should act as a pivotal point for intraday traders. A sustained strength beyond has the potential to lift the XAGUSD towards the $21.70 horizontal barrier.

The momentum could further get extended towards the $22.00 mark, which is followed by the multi-month peak, around the $22.25 region touched on Tuesday. Some follow-through buying will be seen as a fresh trigger for bulls and set the stage for further gains. Spot prices might then test the $22.50-$22.60 supply zone and eventually reclaim the $23.00 round figure.

On the flip side, the overnight swing low, around the $20.75 region, now seems to protect the immediate downside ahead of the $20.40-$20.35 support. The next relevant support is pegged near the $20.00 psychological mark. Failure to defend the latter will negate any near-term positive bias and make the XAGUSD vulnerable to extending the downward trajectory.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 21.26 at the time of writing. Pair opened at 20.97 and is trading with a change of 1.38 % .

The pair is trading above its 20 Daily moving average @ 20.36, above its 50 Daily moving average @ 19.73 , above its 100 Daily moving average @ 19.5 and below its 200 Daily moving average @ 21.44

The previous day high was 21.49 while the previous day low was 20.75. The daily 38.2% Fib levels comes at 21.04, expected to provide support. Similarly, the daily 61.8% fib level is at 21.21, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 20.65, 20.33, 19.91
• Pivot resistance is noted at 21.39, 21.81, 22.13

[/s2If]
Join Our Telegram Group