#XAGUSD @ 25.479 Once reaches around $25.60, it could aim toward $26.00. (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)]

• Once XAG/USD reaches around $25.60, it could aim toward $26.00.
• XAG/USD could fall to $25.00 if a retracement below $25.13 occurs.

The pair currently trades last at 25.479.

The previous day high was 25.14 while the previous day low was 24.84. The daily 38.2% Fib levels comes at 25.02, expected to provide support. Similarly, the daily 61.8% fib level is at 24.95, expected to provide support.

Silver price rose to fresh 12-month highs at around $25.66 after cracking the previous YTD high of $25.13, as inflation data from the United States (US) decelerated. Also, the latest FOMC meeting minutes provided clues that the Fed considered pausing its tightening cycle. Therefore, the USD Dollar weakened and bolstered the white metal. At the time of writing, the XAG/USD is trading at $25.47 as the Asian session begins.

Following a brief period of consolidation, the XAG/USD broke the top of the range capped at $25.13 and rallied above $25.60. While the XAG/USD aims to test $26.00, it may consolidate between $25.45-$25.60 before reaching April 2022 high at $25.87. Subsequently, it could target the $26.00 figure. Contrarily, if XAG/USD retraces below $25.13, it would exacerbate a fall toward $25.00. Downside risks remain at an April 6 low of $24.63, followed by a dip toward the 20-day Exponential Moving Average (EMA) at $24.06.

Oscillators-wise, the Relative Strength Index (RSI) is in overbought territory, suggesting that Silver could consolidate or reverse its course before posing a threat to the $26.00 mark. Conversely, the Rate of Change (RoC) suggests buyers are losing momentum; therefore, a pullback is expected.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 25.49 at the time of writing. Pair opened at 25.05 and is trading with a change of 1.76 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 23.43, 50 SMA 22.34, 100 SMA @ 22.8 and 200 SMA @ 21.16.

The previous day high was 25.14 while the previous day low was 24.84. The daily 38.2% Fib levels comes at 25.02, expected to provide support. Similarly, the daily 61.8% fib level is at 24.95, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 24.88, 24.71, 24.58
• Pivot resistance is noted at 25.18, 25.31, 25.48

[/s2If]
Join Our Telegram Group