#XAGUSD @ 25.086 Silver price has confidently shifted above the $25.00 resistance amid renewed banking jitters. (Pivot Orderbook analysis)
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- Silver price has confidently shifted above the $25.00 resistance amid renewed banking jitters.
- Disappointing earnings from S&P500 strengthened the appeal for bullions and US bonds.
- Silver price is marching towards the upper portion of the sideways channel after overstepping the 20-EMA.
The pair currently trades last at 25.086.
The previous day high was 25.24 while the previous day low was 24.79. The daily 38.2% Fib levels comes at 25.07, expected to provide support. Similarly, the daily 61.8% fib level is at 24.96, expected to provide support.
Silver Price (XAG/USD) has shifted its business confidently above the critical resistance of $25.00 in the early Tokyo session. The white metal witnessed immense buying interest after investors shifted their funds into bullions to avoid sheer volatility inspired by disappointing earnings from S&P500 companies.
Risings fears of economic slowdown after poor earnings and weak revenue guidance from S&P500 companies have sent demand for US Treasury bonds and bullions on fire. Also, renewed banking jitters after the release of quarterly results of First Republic Bank underpinned bullions and US government bonds as safe-haven. First Republic Bank showed a sharp fall in customers’ deposits, which has forced the financial institution to rely on borrowings that will attract higher interest rates.
Higher demand for US government yields dragged yields significantly. The 10-year US Treasury yields have dropped heavily to 3.40%.
Meanwhile, the US Dollar Index (DXY) has shown a minor correction to near 101.83 after printing a two-day high of 101.95. Weaker demand for the S&500 amid mixed earnings and soaring anxiety ahead of the interest rate decision from the Federal Reserve (Fed) have improved the appeal for the US Dollar.
Going forward, US Durable Goods Orders (March) data will remain in focus. Monthly economic data that indicates forward demand for core goods is expected to expand by 0.8% vs. a contraction of 1.0%.
Silver price is marching towards the upper portion of the Sideways Channel chart pattern formed on a two-hour scale. The aforementioned chart pattern indicates a rangebound performance by the asset. The white metal has crossed the 20-period Exponential Moving Average (EMA) at $25.08 on the upside, indicating that the short-term trend is bullish.
Also, the Relative Strength Index (RSI) (14) is oscillating in the 40.00-60.00, which signals that investors are awaiting a potential trigger for further action.
Technical Levels: Supports and Resistances
XAGUSD currently trading at 25.08 at the time of writing. Pair opened at 25.16 and is trading with a change of -0.32 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 25.08 |
| 1 | Today Daily Change | -0.08 |
| 2 | Today Daily Change % | -0.32 |
| 3 | Today daily open | 25.16 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 24.72, 50 SMA 22.81, 100 SMA @ 23.12 and 200 SMA @ 21.44.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 24.72 |
| 1 | Daily SMA50 | 22.81 |
| 2 | Daily SMA100 | 23.12 |
| 3 | Daily SMA200 | 21.44 |
The previous day high was 25.24 while the previous day low was 24.79. The daily 38.2% Fib levels comes at 25.07, expected to provide support. Similarly, the daily 61.8% fib level is at 24.96, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 24.89, 24.62, 24.45
- Pivot resistance is noted at 25.34, 25.51, 25.78
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 25.24 |
| Previous Daily Low | 24.79 |
| Previous Weekly High | 25.60 |
| Previous Weekly Low | 24.64 |
| Previous Monthly High | 24.16 |
| Previous Monthly Low | 19.90 |
| Daily Fibonacci 38.2% | 25.07 |
| Daily Fibonacci 61.8% | 24.96 |
| Daily Pivot Point S1 | 24.89 |
| Daily Pivot Point S2 | 24.62 |
| Daily Pivot Point S3 | 24.45 |
| Daily Pivot Point R1 | 25.34 |
| Daily Pivot Point R2 | 25.51 |
| Daily Pivot Point R3 | 25.78 |
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