#XAGUSD @ 24.750 Silver extends the overnight sharp fall and drifts lower for the second successive day on Tuesday. (Pivot Orderbook analysis)

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• Silver extends the overnight sharp fall and drifts lower for the second successive day on Tuesday.
• The mixed technical setup warrants caution before positioning for any further depreciating move.
• A sustained weakness below the $24.50-40 area is needed to support prospects for deeper losses.

The pair currently trades last at 24.750.

The previous day high was 25.92 while the previous day low was 24.88. The daily 38.2% Fib levels comes at 25.28, expected to provide resistance. Similarly, the daily 61.8% fib level is at 25.52, expected to provide resistance.

Silver extends the previous day’s sharp retracement slide from the vicinity of the $26.00 mark and remains under heavy selling pressure for the second successive day on Tuesday. The steady intraday descent extends through the first half of the European session and drags the white metal back closer to the $25.50-$25.40 strong horizontal resistance breakpoint, now turned support.

The said area coincides with the 23.6% Fibonacci retracement level of the March-April rally, which if broken decisively will be seen as a fresh trigger for bearish traders and pave the way for deeper losses. The XAG/USD might then turn vulnerable to weaken further below the $24.00 mark and aim to test 38.2% Fibo. level, around the $23.70 area. The corrective decline could get extended further towards the $23.35-$23.30 horizontal support en route to the $23.00 confluence, comprising the 50% Fibo. level and the 50-day Simple Moving Average (SMA).

Oscillators on the daily chart, meanwhile, are still holding in the positive territory and support prospects for the emergence of some dip-buying at lower levels. That said, any intraday move up might now confront resistance near the $25.00 psychological mark. Some follow-through buying has the potential to lift the XAG/USD towards the $25.50 supply zone, above which bulls could attempt to conquer the $26.00 mark. The next relevant hurdle is pegged near the $26.25-$26.30 area, which if cleared will expose the 2022 high, just ahead of the $27.00 mark.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 24.72 at the time of writing. Pair opened at 25.0 and is trading with a change of -1.12 % .

The pair is trading below its 20 Daily moving average @ 25.08, above its 50 Daily moving average @ 23.14 , above its 100 Daily moving average @ 23.24 and above its 200 Daily moving average @ 21.6

The previous day high was 25.92 while the previous day low was 24.88. The daily 38.2% Fib levels comes at 25.28, expected to provide resistance. Similarly, the daily 61.8% fib level is at 25.52, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 24.62, 24.24, 23.59
• Pivot resistance is noted at 25.65, 26.3, 26.68

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