#XAGUSD @ 22.109 Silver hits a fresh multi-month peak on Thursday, albeit lacks follow-through buying. (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 hits a fresh multi-month peak on Thursday, albeit lacks follow-through buying.
• The technical set-up favours bullish traders and supports prospects for further gains.
• Dips to the $21.70-60 resistance breakpoint could be seen as a buying opportunity.

The pair currently trades last at 22.109.

The previous day high was 22.2 while the previous day low was 21.2. The daily 38.2% Fib levels comes at 21.81, expected to provide support. Similarly, the daily 61.8% fib level is at 21.58, expected to provide support.

Silver climbs to a nearly six-month high on Thursday, though the intraday positive move stalls ahead of the mid-$22.00s. The white metal retreats to the lower end of its daily trading range during the early European session and is currently placed around the $22.25-$22.20 region.

From a technical perspective, the overnight sustained breakout through the $21.60-$21.70 supply zone and a subsequent move beyond the $22.00 mark was seen as a fresh trigger for bulls. Moreover, oscillators on the daily chart are holding comfortably in the positive territory and are still far from being in the overbought zone. This, in turn, supports prospects for a further near-term appreciating move for the XAG/USD.

Hence, any follow-through pullback below the $22.00 mark might still be seen as a buying opportunity and is more likely to remain limited near the $21.70-$21.60 resistance breakpoint. This is followed by the very important 200-day SMA, around the $21.35-$21.30 region, which should act as a pivotal point. A convincing break below the latter could drag the XAG/USD below the $21.00 mark, to the $20.85-$20.80 support zone.

On the flip side, the multi-month peak, around the $22.40 region, could offer some resistance to the XAG/USD. Some follow-through buying, however, will reaffirm the positive outlook and set the stage for an extension of the upward trajectory. The XAG/USD might then accelerate the momentum and aim to reclaim the $23.00 round figure, with some intermediate resistance near the $22.70 area.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 22.24 at the time of writing. Pair opened at 22.2 and is trading with a change of 0.18 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 21.23, 50 SMA 20.07, 100 SMA @ 19.67 and 200 SMA @ 21.33.

The previous day high was 22.2 while the previous day low was 21.2. The daily 38.2% Fib levels comes at 21.81, expected to provide support. Similarly, the daily 61.8% fib level is at 21.58, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 21.53, 20.87, 20.54
• Pivot resistance is noted at 22.53, 22.86, 23.52

[/s2If]
Join Our Telegram Group