#XAGUSD @ 20.810 Silver Price forms a candlestick hammer in the daily chart after hitting a two-week low at around $20.50s. (Pivot Orderbook analysis)

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• Silver Price forms a candlestick hammer in the daily chart after hitting a two-week low at around $20.50s.
• The Relative Strength Index on the hourly chart crossed the 50-midline, bolstering XAG.
• If XAG/USD breaks above $20.90s, Silver will rally toward $21.00; otherwise, it will consolidate around $20.50.

The pair currently trades last at 20.810.

The previous day high was 21.3 while the previous day low was 20.84. The daily 38.2% Fib levels comes at 21.02, expected to provide resistance. Similarly, the daily 61.8% fib level is at 21.12, expected to provide resistance.

Silver Price prolongs its losses after rallying to a multi-month high around $22.25, and plunges below the 200-day Exponential Moving Average (EMA), as broad US Dollar (USD) strength weighs on the white metal. Hence, the XAG/USD is trading at $20.85, beneath its opening price by 0.56%, after hitting a daily high of $21.00 a troy ounce.

From a technical perspective, the XAG/USD is neutral-to-upward biased, as shown by the daily chart. On Monday, the XAG/USD broke below the October 4 swing high of $21.24, exacerbating a fall below the $21.00 mark. Even though the white metal achieved a fresh two-week low of $20.58, the Silver Price is forming a hammer, meaning that buyers stepped in around $20.50 as they prepare to assault the 200-day ENA at $21.41.

In the near term, the XAG/USD hourly chart portrays Silver bottoming around the S2 daily pivot around $20.60, further supported by the Relative Strength Index (RSI), crossing above the 50-midline. At the same time, the XAG/USD tests the confluence of a resistance trendline and the 50-hour EMA around $20.92, which, once cleared, will expose the $21.00 psychological price level.

That said, the XAG/USD first resistance would be the previously mentioned confluence, followed by $21.00, the intersection of the R1 daily pivot, and the 100-hour EMA at $21.20. On the flip side, the XAG/USD first support would be the S1 pivot at $20.76, followed by the S2 daily pivot at $20.57.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 20.89 at the time of writing. Pair opened at 20.9 and is trading with a change of -0.05 % .

The pair is trading above its 20 Daily moving average @ 20.44, above its 50 Daily moving average @ 19.78 , above its 100 Daily moving average @ 19.51 and below its 200 Daily moving average @ 21.43

The previous day high was 21.3 while the previous day low was 20.84. The daily 38.2% Fib levels comes at 21.02, expected to provide resistance. Similarly, the daily 61.8% fib level is at 21.12, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 20.73, 20.56, 20.28
• Pivot resistance is noted at 21.19, 21.47, 21.64

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