#XAGUSD @ 23.188 Silver price remains firmer inside the four-day-old bullish channel., @nehcap view: Bullish (Pivot Orderbook analysis)
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- Silver price remains firmer inside the four-day-old bullish channel.
- 200-HMA, weekly horizontal support zone challenge bears from retaking control.
- RSI conditions suggest further pullback but channel formation tests sellers.
The pair currently trades last at 23.188.
The previous day high was 23.22 while the previous day low was 22.55. The daily 38.2% Fib levels comes at 22.97, expected to provide support. Similarly, the daily 61.8% fib level is at 22.81, expected to provide support.
Silver price (XAG/USD) pares intraday gains around the weekly top, also the highest level in seven months, as bulls take a breather during early Friday morning in Europe. Even so, the bullion price prints the third consecutive intraday gains by the press time.
In doing so, the bright metal retreats from the daily high as the RSI (14) takes a U-turn from the overbought territory, as well as breaks the short-term support line.
However, an ascending trend channel formation, established on Tuesday, restricts short-term XAG/USD moves between $23.45 and $23.00.
Even if the bright metal breaks the $23.00 support, the 200-HMA level surrounding $22.30 could challenge the bears.
It’s worth noting that the one-week-long horizontal area surrounding the $22.00 round figure appears the last defense of the silver buyers.
On the contrary, an upside break of the $23.45 hurdle needs validation from the multi-day high marked on Monday around $23.51 to convince Silver buyers of further advances.
Following that, March’s low near $24.00 and January’s high of $24.70 will gain the market’s attention.
To sum up, the Silver price remains on the buyer’s radar unless the quote drops below $22.00. However, the upside room appears limited below $23.51.
Trend: Bullish
Technical Levels: Supports and Resistances
XAGUSD currently trading at 23.16 at the time of writing. Pair opened at 23.05 and is trading with a change of 0.48% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 23.16 |
| 1 | Today Daily Change | 0.11 |
| 2 | Today Daily Change % | 0.48% |
| 3 | Today daily open | 23.05 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 21.77, 50 SMA 20.54, 100 SMA @ 19.91 and 200 SMA @ 21.27.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 21.77 |
| 1 | Daily SMA50 | 20.54 |
| 2 | Daily SMA100 | 19.91 |
| 3 | Daily SMA200 | 21.27 |
The previous day high was 23.22 while the previous day low was 22.55. The daily 38.2% Fib levels comes at 22.97, expected to provide support. Similarly, the daily 61.8% fib level is at 22.81, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 22.66, 22.27, 21.99
- Pivot resistance is noted at 23.33, 23.61, 24.0
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 23.22 |
| Previous Daily Low | 22.55 |
| Previous Weekly High | 23.24 |
| Previous Weekly Low | 20.87 |
| Previous Monthly High | 22.25 |
| Previous Monthly Low | 18.84 |
| Daily Fibonacci 38.2% | 22.97 |
| Daily Fibonacci 61.8% | 22.81 |
| Daily Pivot Point S1 | 22.66 |
| Daily Pivot Point S2 | 22.27 |
| Daily Pivot Point S3 | 21.99 |
| Daily Pivot Point R1 | 23.33 |
| Daily Pivot Point R2 | 23.61 |
| Daily Pivot Point R3 | 24.00 |
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