#XAGUSD @ 24.921 ’s breakout of technical resistance opened the door to testing $25.00. (Pivot Orderbook analysis)
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- XAG/USD’s breakout of technical resistance opened the door to testing $25.00.
- XAG/USD’s pullback would expose a prior’s resistance trendline turned support around $24.25.
The pair currently trades last at 24.921.
The previous day high was 24.19 while the previous day low was 23.57. The daily 38.2% Fib levels comes at 23.81, expected to provide support. Similarly, the daily 61.8% fib level is at 23.96, expected to provide support.
Silver price is eyeing to extend its gains past the $25.00 a troy ounce after hitting a new YTD high at $24.98. Since then, the XAG/USD retreaded some of those gains and hovers around the $24.80-$24.95 area, gaining 4.03%.
From a daily chart perspective, the XAG/USD is upward biased. The break of a four-month-old downslope resistance trendline opened XAG’s door to test the $25.00 mark, which, once cleared, could pave the way for further upside, with risks at April 18 daily high at $26.21, followed by 2022 high at $26.94.
Oscillators like the Relative Strength Index (RSI) entered overbought conditions, but remained below 80, seen as the overbought peak, after a strong uptrend. The Rate of Change (RoC) continues to push higher, though it remains shy of hitting its peak after the RoC soared after Silver’s bottom was around $19.92.
In the event of a pullback, XAG/USD’s first support would be the four-month-old resistance trendline turned support at $24.20-35, followed by the $24.00 psychological level. Once broken, that would exacerbate a dip towards the hanging man low at $23.57.
Technical Levels: Supports and Resistances
XAGUSD currently trading at 24.92 at the time of writing. Pair opened at 23.98 and is trading with a change of 3.92 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 24.92 |
| 1 | Today Daily Change | 0.94 |
| 2 | Today Daily Change % | 3.92 |
| 3 | Today daily open | 23.98 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 22.31, 50 SMA 22.22, 100 SMA @ 22.61 and 200 SMA @ 21.05.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 22.31 |
| 1 | Daily SMA50 | 22.22 |
| 2 | Daily SMA100 | 22.61 |
| 3 | Daily SMA200 | 21.05 |
The previous day high was 24.19 while the previous day low was 23.57. The daily 38.2% Fib levels comes at 23.81, expected to provide support. Similarly, the daily 61.8% fib level is at 23.96, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 23.64, 23.3, 23.02
- Pivot resistance is noted at 24.25, 24.53, 24.87
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 24.19 |
| Previous Daily Low | 23.57 |
| Previous Weekly High | 24.16 |
| Previous Weekly Low | 22.83 |
| Previous Monthly High | 24.16 |
| Previous Monthly Low | 19.90 |
| Daily Fibonacci 38.2% | 23.81 |
| Daily Fibonacci 61.8% | 23.96 |
| Daily Pivot Point S1 | 23.64 |
| Daily Pivot Point S2 | 23.30 |
| Daily Pivot Point S3 | 23.02 |
| Daily Pivot Point R1 | 24.25 |
| Daily Pivot Point R2 | 24.53 |
| Daily Pivot Point R3 | 24.87 |
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