#XAGUSD @ 23.531 reclaims the 100-day EMA at $23.47 after dipping to a daily low, showcasing a subtle comeback. (Pivot Orderbook analysis)

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• XAG/USD reclaims the 100-day EMA at $23.47 after dipping to a daily low, showcasing a subtle comeback.
• Despite the recovery, the market remains neutral to downward biased as XAG/USD fails to reconquer the April 25 daily low.
• Technical indicators suggest a battle between sellers and incoming buyers, hinting at volatility in the XAG/USD market.

The pair currently trades last at 23.531.

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.

XAG/USD stages a comeback though it remains slightly below its opening price, reclaimed the 100-day Exponential Moving Average (EMA) at $23.47 after hitting a daily low of $23.25. At the time of writing, XAG/USD exchanges hands at $23.55, down 0.14%

From a daily chart perspective, the XAG/USD is neutral to downward biased, as price action has failed to reconquer the April 25 daily low of $24.49, which could pave the way for further upside. In addition, the Relative Strength Index (RSI) indicator at bearish territory suggests that sellers are in charge, while the 3-day Rate of Change (RoC) indicates that buyers are moving in, cushioning the XAG/USD’s fall.

For a bearish resumption, XAG/USD must fall below the 100-day EMA at $23.47 to force a downward move to the $23.00 figure. A breach of the latter will expose the 200-day Exponential Moving Average (EMA) at $22.86.

Conversely, if XAG/USD buyers reclaim the 20-day EMA at $23.76, a rally toward the $24.00 is on the cards. But on its way north lies the 50-day EMA at $23.89.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.56 at the time of writing. Pair opened at 23.61 and is trading with a change of -0.21 % .

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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