#XAGUSD @ 25.810 Silver price is poised for upward momentum, above $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)]

• Silver price is poised for upward momentum, above $26.00.
• The rate of Change (RoC) remains bullish, but the RSI portrays XAG as overbought.

The pair currently trades last at 25.810.

The previous day high was 25.67 while the previous day low was 25.04. The daily 38.2% Fib levels comes at 25.43, expected to provide support. Similarly, the daily 61.8% fib level is at 25.28, expected to provide support.

Silver price advanced to a new YTD high at $25.96, though it fell short of cracking the $26.00 figure, which would have opened the door towards testing, last year’s peak, nearly $27.00. At the time of typing, the XAG/USD is trading at $25.76 after hitting a low of $25.39.

After registering a YTD high on Wednesday at around $25.66, the XAG/USD has extended its rally toward $25.96. Although it failed to break above the $26.00 figure, the XAG/USD remains controlled by buyers and might brace to April 16, 2022, swing high at $25.87 before re-challenging the $26.00 mark.

If XAG/USD breaks above $26.00, it will exacerbate a rally toward April 18, 2022, high at $26.21 before testing the 2022 yearly high at $26.94. Conversely, if the XAG/USD extends its losses past $25.50, the white metal might pull back toward the April 5 high at $25.13 before sliding toward $25.00.

Oscillators suggest that Silver is overbought, as shown by the Relative Strength Index (RSI). But due to the strength of the uptrend, a jump above 80 suggests the asset might consolidate as the RSI exits overbought conditions. The Rate of Change (RoC) is still bullish, although it flashed that buying pressure is fading.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 25.77 at the time of writing. Pair opened at 25.5 and is trading with a change of 1.06 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 23.62, 50 SMA 22.38, 100 SMA @ 22.85 and 200 SMA @ 21.19.

The previous day high was 25.67 while the previous day low was 25.04. The daily 38.2% Fib levels comes at 25.43, expected to provide support. Similarly, the daily 61.8% fib level is at 25.28, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 25.14, 24.78, 24.51
• Pivot resistance is noted at 25.77, 26.04, 26.4

[/s2If]
Join Our Telegram Group