#XAGUSD @ 25.682 Silver price portrays pre-data anxiety inside weekly symmetrical triangle, 100-SMA, 200-SMA adds strength to the breakout points., @nehcap view: Gradual upside expected (Pivot Orderbook analysis)

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• Silver price portrays pre-data anxiety inside weekly symmetrical triangle, 100-SMA, 200-SMA adds strength to the breakout points.
• Steady RSI suggests further grinding of XAG/USD price, highlighting the importance of US CPI for April.
• Multiple trading filters stand tall to challenge commodity prices while buyers keep the reins.

The pair currently trades last at 25.682.

The previous day high was 25.68 while the previous day low was 25.33. The daily 38.2% Fib levels comes at 25.54, expected to provide support. Similarly, the daily 61.8% fib level is at 25.46, expected to provide support.

Silver price (XAG/USD) aptly depicts the market’s cautious mood as traders brace for the all-important US inflation data, namely Consumer Price Index (CPI) for April, amid the early European session on Wednesday. In doing so, the bright metal seesaws within a symmetrical triangle comprising multiple levels marked since Monday, making rounds to $25.60-50 by the press time.

Apart from the aforementioned weekly symmetrical triangle, the 100-SMA and the 200-SMA also restrict the short-term XAG/USD moves between $25.70 and $25.40 in that order. That said, the steady RSI (14) line and the commodity’s sustained trading near the multi-month top marked the last week keep the Silver buyers hopeful.

Also acting as a short-term upside filter is a one-week-old horizontal area near $25.90 and the $26.00 round figure, not to forget the tops marked in April, as well as in the last week, around $26.10-15.

On the contrary, a clear downside break of $25.40 isn’t a welcome sign for the Silver sellers as the 61.8% Fibonacci retracement level of April 25 to May 05 moves, near $25.10.

It’s worth mentioning that the previous monthly low joins multiple tops marked during early 2023 to highlight the $24.50 level as an important support for the Silver bears to watch for entries.

Overall, the Silver price remains on the bull’s radar despite the latest inaction.

Trend: Gradual upside expected

Technical Levels: Supports and Resistances

XAGUSD currently trading at 25.62 at the time of writing. Pair opened at 25.61 and is trading with a change of 0.04% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 25.33, 50 SMA 23.66, 100 SMA @ 23.37 and 200 SMA @ 21.78.

The previous day high was 25.68 while the previous day low was 25.33. The daily 38.2% Fib levels comes at 25.54, expected to provide support. Similarly, the daily 61.8% fib level is at 25.46, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 25.4, 25.19, 25.05
• Pivot resistance is noted at 25.75, 25.89, 26.1

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