#XAGUSD @ 23.502 Silver remains confined in a range for the second successive day on Tuesday. (Pivot Orderbook analysis)

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• Silver remains confined in a range for the second successive day on Tuesday.
• The technical setup warrants some caution before placing fresh directional bets.
• A move beyond the $24.00 mark is needed to support prospects for further gains.

The pair currently trades last at 23.502.

The previous day high was 23.69 while the previous day low was 23.25. The daily 38.2% Fib levels comes at 23.42, expected to provide support. Similarly, the daily 61.8% fib level is at 23.52, expected to provide resistance.

Silver continues with its struggle to gain any meaningful traction and oscillates in a narrow trading band for the second straight day on Tuesday. The white metal extends its sideways consolidative price move through the early European session and currently trades around mid-$23.00s, representing the 23.6% Fibonacci retracement level of the downfall witnessed in May.

From a technical perspective, last week’s rejection slide from the $24.00 mark, or the 38.2% Fibo. level, showed some resilience below the 200-hour Simple Moving Average (SMA) on Monday. The latter, currently pegged around the $23.35-$23.30 area, should act as a pivotal point for intraday traders. Some follow-through selling below the said support might turn the XAG/USD vulnerable to accelerate the fall below testing the $23.00 round figure.

The downward trajectory could get extended further towards the next relevant support near the $22.70-$22.65 region, or over a two-month low touched in May. The XAG/USD could eventually drop to the $22.00 mark, which represents the very important 200-day SMA and help limit any further losses.

On the flip side, the overnight swing high, around the $23.85 region, now seems to act as an immediate barrier ahead of the $24.00 mark. This is closely followed by the $24.15-$24.20 horizontal resistance. A sustained strength beyond the latter will be seen as a fresh trigger for bullish traders and lift the XAG/USD further towards the 50% Fibo. level, around the $24.45-$24.50 region en route to the $24.80 zone, or the 61.8% Fibo. level, and the $25.00 psychological mark.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.54 at the time of writing. Pair opened at 23.57 and is trading with a change of -0.13 % .

The pair is trading below its 20 Daily moving average @ 23.76, below its 50 Daily moving average @ 24.46 , above its 100 Daily moving average @ 23.35 and above its 200 Daily moving average @ 22.15

The previous day high was 23.69 while the previous day low was 23.25. The daily 38.2% Fib levels comes at 23.42, expected to provide support. Similarly, the daily 61.8% fib level is at 23.52, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 23.32, 23.06, 22.88
• Pivot resistance is noted at 23.76, 23.94, 24.2

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