#XAGUSD @ 21.277 Silver regains strong positive traction on Tuesday and reverses the previous day’s downfall. (Pivot Orderbook analysis)

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• Silver regains strong positive traction on Tuesday and reverses the previous day’s downfall.
• The technical set-up favours bullish traders and supports prospects for further intraday gains.
• Acceptance below the $21.00-$20.90 area is needed to negate the near-term positive outlook.

The pair currently trades last at 21.277.

The previous day high was 21.62 while the previous day low was 20.87. The daily 38.2% Fib levels comes at 21.16, expected to provide support. Similarly, the daily 61.8% fib level is at 21.33, expected to provide resistance.

Silver shows some resilience below the $21.00 mark and regains positive traction on Tuesday, reversing a major part of the overnight slide to a four-day low. The white metal sticks to its intraday gains through the first half of the European session and is currently placed around the $21.35 region, up nearly 2% for the day.

From a technical perspective, the emergence of aggressive buying near the $20.90 static support favours bullish traders and supports prospects for additional gains. The constructive outlook is reinforced by the fact that oscillators on hourly charts have again started gaining positive traction. This, in turn, supports prospects for a further intraday appreciating move for the XAG/USD.

That said, any subsequent move up might continue to confront stiff resistance near the $21.60-$21.70 supply zone. Some follow-through buying will reaffirm the bullish bias and allow the XAG/USD to reclaim the $22.00 mark. This is followed by a five-month high, around the $22.25 zone, above which spot prices could climb to the $22.50-$22.60 area en route to the $23.00 round figure.

On the flip side, the $21.00-$20.90 area should continue to act as immediate strong support. A convincing break below the latter could negate the positive outlook and possibly shift the near-term bias in favour of bearish traders. The XAG/USD might then accelerate the downfall to the $20.60-$20.55 area before eventually dropping to challenge the $20.00 psychological mark.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 21.36 at the time of writing. Pair opened at 20.94 and is trading with a change of 2.01 % .

The pair is trading above its 20 Daily moving average @ 21.0, above its 50 Daily moving average @ 19.98 , above its 100 Daily moving average @ 19.62 and below its 200 Daily moving average @ 21.36

The previous day high was 21.62 while the previous day low was 20.87. The daily 38.2% Fib levels comes at 21.16, expected to provide support. Similarly, the daily 61.8% fib level is at 21.33, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 20.67, 20.39, 19.92
• Pivot resistance is noted at 21.41, 21.89, 22.16

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