Silver price is oscillating around $23.70 as investors seek clarity on Fed’s policy. (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 price is oscillating around $23.70 as investors seek clarity on Fed’s policy.
• The asset has gradually corrected after a breakout of the volatility contraction pattern.
• Advancing 20-and 50-EMAs add to the upside filters.

The pair currently trades last at 23.72.

The previous day high was 24.13 while the previous day low was 23.29. The daily 38.2% Fib levels comes at 23.81, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.61, expected to provide support.

Silver price (XAG/USD) is displaying a sideways profile around the immediate cushion at $23.70 in the Asian session. The white metal is manifesting a lackluster performance as investors are awaiting Federal Reserve (Fed)’s monetary policy for fresh impetus.

The US Dollar Index (DXY) is displaying a balanced profile as the market mood is extremely quiet ahead of Fed’s policy, which will guide investors for further action. Meanwhile, risk-perceived assets such as S&P500 futures have extended their gains in the Tokyo session.

Silver price delivered a breakout of a volatility contraction chart pattern that results in wider ticks and heavy volume. The asset has corrected after printing a fresh seven-month high around $24.00.The white metal has dropped to near 20-period Exponential Moving Average (EMA), which might present a buying opportunity to investors who prefers to enter in an auction for a bargain buy.

Meanwhile, the 50-EMA at $23.50 is aiming higher, which indicates that the upside trend is intact. The Relative Strength Index (RSI) (14) is looking to reclaim the bullish range of 60.00-80.00 to trigger bullish momentum.

Should the asset Wednesday’s high at $23.80, bulls will drive the Silver price toward Tuesday’s high at $24.11. A break above the latter will expose the asset to refresh a five-month high above April 22 high at $24.66.

Alternatively, a breakdown below Monday’s low at $23.11 will drag Silver price towards December 7 high at $22.72, followed by December 6 low at $22.03.

Technical Levels: Supports and Resistances

EURUSD currently trading at 23.72 at the time of writing. Pair opened at 23.72 and is trading with a change of 0.0 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 22.03, 50 SMA 20.73, 100 SMA @ 20.06 and 200 SMA @ 21.24.

The previous day high was 24.13 while the previous day low was 23.29. The daily 38.2% Fib levels comes at 23.81, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.61, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 23.3, 22.88, 22.46
• Pivot resistance is noted at 24.13, 24.55, 24.97

[/s2If]
Join Our Telegram Group