#XAGUSD @ 21.017 Silver is retreating from last week’s highs at $21.30. (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 is retreating from last week’s highs at $21.30.
• Failure to decisively break above the February 17 low of $21.18 exacerbated a fall toward $21.00.
• Silver Price Analysis: Dark cloud cover forms eyeing a break below $21.00.

The pair currently trades last at 21.017.

The previous day high was 21.27 while the previous day low was 20.84. The daily 38.2% Fib levels comes at 21.11, expected to provide resistance. Similarly, the daily 61.8% fib level is at 21.01, expected to provide support.

XAG/USD fails to extend last Friday’s rally, retreats from weekly highs of around $21.30, and drops 0.92% or 0.20 cents in Monday’s session. At the time of writing, the XAG/USD is trading at $21.02, below its opening price.

Silver is downward biased, as shown by the daily chart. After testing the February 17 daily low, which turned resistance at $21.18, the XAG/USD spot price dropped, as bears eye $20.00. However, on its way south, the XAG/USD needs to clear the $21.00 barrier. Once removed, the XAG/USD next support would be the March 3 low of $20.84, followed by the March 1 low of $20.68. A breach of the latter would expose the YTD low of $20.43.

After exiting oversold conditions, the Relative Strength Index (RSI) turned the corner and its aiming down. That suggests that sellers are gathering momentum, further reinforced by the Rate of Change (RoC), as buying pressure is losing momentum.

As an alternate scenario, the XAG/USD first resistance would be the March 6 high at $21.30. Once buyers reclaim that level, Silver could rally toward the 20-day Exponential Moving Average (EMA) At $21.50 before reaching the 200-day EMA at $21.85.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 21.05 at the time of writing. Pair opened at 21.26 and is trading with a change of -0.99 % .

The pair is trading below its 20 Daily moving average @ 21.57, below its 50 Daily moving average @ 22.86 , below its 100 Daily moving average @ 22.12 and above its 200 Daily moving average @ 20.98

The previous day high was 21.27 while the previous day low was 20.84. The daily 38.2% Fib levels comes at 21.11, expected to provide resistance. Similarly, the daily 61.8% fib level is at 21.01, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 20.98, 20.7, 20.55
• Pivot resistance is noted at 21.4, 21.55, 21.83

[/s2If]
Join Our Telegram Group