#XAGUSD @ 21.338 Silver seems to struggle to capitalize on its modest intraday uptick on Wednesday. (Pivot Orderbook analysis)

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• Silver seems to struggle to capitalize on its modest intraday uptick on Wednesday.
• Acceptance above the 200-hour SMA supports prospects for some meaningful gains.
• A sustained break below the $21.00 mark is needed to negate the positive outlook.

The pair currently trades last at 21.338.

The previous day high was 21.45 while the previous day low was 20.89. The daily 38.2% Fib levels comes at 21.24, expected to provide support. Similarly, the daily 61.8% fib level is at 21.11, expected to provide support.

Silver edges higher on Wednesday, albeit lacks bullish conviction and remains below the overnight swing high through the early European session. The white metal is currently placed around the $21.30-$21.35 area and so far, has managed to hold above the 200-hour SMA.

From a technical perspective, the overnight goodish intraday rally from static support just below the $21.00 mark favours bullish traders. Furthermore, positive oscillators on hourly/daily charts support prospects for some meaningful intraday upside 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 should allow the XAG/USD to reclaim the $22.00 round-figure mark and retest a five-month high, around the $22.25 zone.

On the flip side, the 200-hour SMA, currently around the $21.15 area, is likely to protect the immediate downside ahead of the $21.00-$20.90 strong support. A convincing break below the latter could negate the positive outlook and shift the 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. The downward trajectory could further get extended towards a strong horizontal resistance breakpoint, around the $19.60 region.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 21.31 at the time of writing. Pair opened at 21.24 and is trading with a change of 0.33 % .

The pair is trading above its 20 Daily moving average @ 21.08, above its 50 Daily moving average @ 20.02 , above its 100 Daily moving average @ 19.65 and below its 200 Daily moving average @ 21.34

The previous day high was 21.45 while the previous day low was 20.89. The daily 38.2% Fib levels comes at 21.24, expected to provide support. Similarly, the daily 61.8% fib level is at 21.11, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 20.94, 20.64, 20.38
• Pivot resistance is noted at 21.5, 21.76, 22.06

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