#XAGUSD @ 21.849 climbs modestly, last trading at $21.81 (Pivot Orderbook analysis)

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The pair currently trades last at 21.849.

The previous day high was 21.98 while the previous day low was 21.48. The daily 38.2% Fib levels comes at 21.67, expected to provide support. Similarly, the daily 61.8% fib level is at 21.78, expected to provide support.

XAG/USD (Silver) sees a modestly bullish intraday movement on Wednesday, with the last recorded price at $21.81. The commodity starts the session at $21.69, the previous close, and fluctuates between the lowest intraday price of $21.55 and the highest intraday price of $21.92. The overall intraday price change stands at +0.55% at press time.

On Wednesday, USD/JPY traders should closely monitor the US February Retail Sales (12:30 GMT) and the US Producer Price Index (excluding food and energy at 12:30 GMT) data.

XAG/USD pair has been trading above its daily 20-SMA ($21.11) but below its 50-SMA ($22.38), indicating mixed signals in short to medium term. Silver price has broken above the $21.30 highs, the last lower high of the previous downtrend, which is a bullish signal and increases the probabilities the trend may be reversing.

Daily RSI(14) of 55.369 indicates a slightly bullish momentum as the pair trades above the 50 mark. However, the market may encounter some resistance, as the daily resistance levels are $21.96, $22.22, and $22.46.

The daily pivot point for the XAG/USD pair is $21.72, close to the last intraday price at press time. The daily support levels are $21.46, $21.22, and $20.96. If the pair manages to break above the pivot point, it may test the resistance levels, while a break below the pivot point could trigger a test of the support levels.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 21.77 at the time of writing. Pair opened at 21.7 and is trading with a change of 0.32 % .

The pair is trading above its 20 Daily moving average @ 21.11, below its 50 Daily moving average @ 22.43 , below its 100 Daily moving average @ 22.25 and above its 200 Daily moving average @ 20.94

The previous day high was 21.98 while the previous day low was 21.48. The daily 38.2% Fib levels comes at 21.67, expected to provide support. Similarly, the daily 61.8% fib level is at 21.78, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 21.46, 21.22, 20.96
• Pivot resistance is noted at 21.96, 22.22, 22.46

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