#XAGUSD @ 21.802 advances as US Treasury bond yields undermine the US Dollar. (Pivot Orderbook analysis)

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• XAG/USD advances as US Treasury bond yields undermine the US Dollar.
• The XAG/USD is testing the confluence of the 50/100/200-day EMAs.
• XAG/USD Price Analysis: To remain upwards in the short term, though the rally’s size suggests a mean reversion correction.

The pair currently trades last at 21.802.

The previous day high was 20.79 while the previous day low was 19.9. The daily 38.2% Fib levels comes at 20.45, expected to provide support. Similarly, the daily 61.8% fib level is at 20.24, expected to provide support.

XAG/USD surges sharply in Monday’s session, up by more than 6% on investors flying to safety. US Treasury bond yields collapsed due to regional bank failure in the United States (US) blamed on higher rates. Therefore, US bond yields collapsing are a tailwind for the white metal prices. At the time of writing, the XAG/USD is trading at $21.76.

The white metal is testing solid resistance in the confluence of the 200, 50, and 100-day Exponential Moving Averages (EMAs), each at $21.79, $21.85, and $21.87, respectively. In addition, the Relative Strength Index (RSI) broke above the 50 neutral lines, portraying buying pressure strength. The Rate of Change (RoC) suggests buyers moved aggressively, which could open the door for a mean reversion move. Therefore, traders should be careful.

With XAG/USD breaking above the 200-day EMA would pave the way toward $22.00 a troy ounce. Once done, the XAG/USD next resistance would be $23.00 before testing the February 23 high at $23.59.

In an alternate scenario, the XAG/USD first support would be the 20-day EMA at $21.16. A breach of the latter will expose the $21.00 figure, followed by the March 13 low of $20.50, before falling to YTD lows at $19.92.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 21.78 at the time of writing. Pair opened at 20.53 and is trading with a change of 6.09 % .

The pair is trading above its 20 Daily moving average @ 21.13, below its 50 Daily moving average @ 22.52 , below its 100 Daily moving average @ 22.2 and above its 200 Daily moving average @ 20.94

The previous day high was 20.79 while the previous day low was 19.9. The daily 38.2% Fib levels comes at 20.45, expected to provide support. Similarly, the daily 61.8% fib level is at 20.24, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 20.02, 19.52, 19.13
• Pivot resistance is noted at 20.91, 21.3, 21.81

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