#XAGUSD @ 23.300 is under pressure after breaking short-term support levels during the American session. (Pivot Orderbook analysis)

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• XAG/USD is under pressure after breaking short-term support levels during the American session.
• The metal is under pressure, approaching the $23.00 level.
• US Dollar mixed as equity prices rises modestly.

The pair currently trades last at 23.300.

The previous day high was 23.77 while the previous day low was 23.43. The daily 38.2% Fib levels comes at 23.56, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.64, expected to provide resistance.

Silver is under pressure during Wednesday’s American session, trading at the lowest level since Friday, near $23.20. The white metal is falling by 1.25%, getting closer to January lows.

Earlier on Wednesday, XAG/USD reached levels above $24.00 but it was rejected and started to move lower. The decline gained speed during the American session and after breaking short-term horizontal and dynamic supports.

Silver price is back under the 20-day Simple Moving Average (SMA), today at $23.60. The mentioned SMA is turning south, suggesting some exhaustion to the upside. The short-term bias is turning to the downside. All could change it XAG/USD manages to rise and hold above $24.00, particularly with a daily close above $24.20.

On the downside, the next target is at the January low at $23.10. Below $23.00 the next support level is seen at $22.80.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.33 at the time of writing. Pair opened at 23.62 and is trading with a change of -1.23 % .

The pair is trading below its 20 Daily moving average @ 23.69, above its 50 Daily moving average @ 22.48 , above its 100 Daily moving average @ 20.8 and above its 200 Daily moving average @ 21.09

The previous day high was 23.77 while the previous day low was 23.43. The daily 38.2% Fib levels comes at 23.56, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.64, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 23.45, 23.27, 23.1
• Pivot resistance is noted at 23.79, 23.95, 24.13

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