#XAGUSD @ 24.249 Silver price extended its gains to three consecutive days, remaining above the 20-day EMA. (Pivot Orderbook analysis)

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• Silver price extended its gains to three consecutive days, remaining above the 20-day EMA.
• Last week low inflation figures in the US spurred speculations that the Fed might hike in 25 bps sizes.
• Current week’s US economic calendar to provide fresh impetus to Silver’s price action.

The pair currently trades last at 24.249.

The previous day high was 24.3 while the previous day low was 23.5. The daily 38.2% Fib levels comes at 23.99, expected to provide support. Similarly, the daily 61.8% fib level is at 23.8, expected to provide support.

Silver Price is registering minimal gains on Monday amidst a dull North American session. The absence of US traders sparked by the Martin Luther King Jr day kept trading liquidity conditions dry. The US Dollar (USD) registered solid gains, capping Silver’s rally around the mid $24.00-$25.00 range. At the time of writing, XAG/USD Is trading at $24.29.

Spot Silver held to its gains after retracing from YTD highs of $24.54. Inflation figures released last week in the United States (US) signal the cycle of high prices has peaked. Hence, this spurred speculations that the US Federal Reserve, among other global central banks, might slow the size of rate hikes, weakening the greenback since the start of 2023.

In the meantime, the World Bank warned that the globe’s Gross Domestic Product (GDP) would jump just 1.7% in 2023, slashing its June forecast of close to 3% in June 2022.

Additional Federal Reserve speakers and a tranche of US economic data led by the Fed speaking alongside the release of earnings in Wall Street would keep traders entertained. US Retail Sales, the Producer Price Index (PPI), and Industrial Production will be released on Wednesday. US Housing Starts, Initial Jobless Claims, and the Philadelphia Fed Index would add to the update on the status of the US economy.

From a daily chart perspective, the XAG/USD remains upward biased. Oscillators like the Relative Strength Index (RSI) and the Rate of Change (RoC) suggest that Silver buyers remain in charge. If XAG/USD achieves a daily close above $24.29, that would be the third consecutive trading day with gains, and it would poise XAG/USD for a re-test of the YTD highs, followed by $25.00.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 24.26 at the time of writing. Pair opened at 24.27 and is trading with a change of -0.04 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 23.75, 50 SMA 22.72, 100 SMA @ 20.94 and 200 SMA @ 21.08.

The previous day high was 24.3 while the previous day low was 23.5. The daily 38.2% Fib levels comes at 23.99, expected to provide support. Similarly, the daily 61.8% fib level is at 23.8, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 23.75, 23.22, 22.95
• Pivot resistance is noted at 24.54, 24.82, 25.34

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