#XAGUSD @ 23.444 Silver remains under some selling pressure for the second successive day on Monday. (Pivot Orderbook analysis)

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• Silver remains under some selling pressure for the second successive day on Monday.
• The intraday break below the $23.55 confluence supports prospects for further losses.
• A sustained strength beyond the $24.00 mark is needed to offset the negative outlook.

The pair currently trades last at 23.444.

The previous day high was 24.02 while the previous day low was 23.58. The daily 38.2% Fib levels comes at 23.75, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.85, expected to provide resistance.

Silver extends Friday’s rejection slide from the $24.00 mark, or the 38.2% Fibonacci retracement level of the downfall witnessed in May and drifts lower for the second successive day. The white metal maintains its offered tone, just below the $23.50 level through the early European session on Monday and seems vulnerable to weaken further.

From a technical perspective, the intraday slide drags the XAG/USD below the $23.55 confluence support, comprising the 23.6% Fibo. level and the 100-period Simple Moving Average (SMA) on the 4-hour chart. Moreover, bearish oscillators on daily/4-hour charts add credence to the negative outlook and support prospects for a further intraday depreciating move.

Hence, a subsequent slide, towards testing the $23.00 round figure, looks like a distinct possibility. Some follow-through selling will expose the $22.70-$22.65 region, or over a two-month low touched in May, below which the XAG/USD could eventually drop to the $22.00 mark. The latter represents the very important 200-day SMA and should act as a pivotal point.

On the flip side, sustained strength beyond the $23.55 confluence support breakpoint could allow the XAG/USD to make a fresh attempt towards conquering the $24.00 mark. This is closely followed by the $24.15-$24.20 horizontal resistance, above which the momentum could push the commodity further towards the 50% Fibo. level, around the $24.45-$24.50 region.

The XAG/USD might eventually climb to the $24.80 zone, or the 61.8% Fibo. level, and aim to reclaim the $25.00 psychological mark for the first time since May 11. The upward trajectory could get extended further towards the $25.30-$25.35 supply zone en route to the $26.00 round figure and over a one-year high, around the $26.10-$26.15 area touched in May.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.4 at the time of writing. Pair opened at 23.61 and is trading with a change of -0.89 % .

The pair is trading below its 20 Daily moving average @ 23.86, below its 50 Daily moving average @ 24.45 , above its 100 Daily moving average @ 23.36 and above its 200 Daily moving average @ 22.12

The previous day high was 24.02 while the previous day low was 23.58. The daily 38.2% Fib levels comes at 23.75, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.85, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 23.45, 23.3, 23.01
• Pivot resistance is noted at 23.9, 24.18, 24.34

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