#XAGUSD @ 23.640 Silver builds on its steady intraday ascent heading into the European session on Thursday. (Pivot Orderbook analysis)

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• Silver builds on its steady intraday ascent heading into the European session on Thursday.
• The intraday technical setup supports prospects for a further near-term appreciating move.
• A convincing break below the 200-period SMA on H4 is needed to negate the positive bias.

The pair currently trades last at 23.640.

The previous day high was 24.06 while the previous day low was 23.4. The daily 38.2% Fib levels comes at 23.65, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.81, expected to provide resistance.

Silver regains positive traction on Thursday and stalls the previous day’s retracement slide from over a three-week high – levels just above the $24.00 round-figure mark. The white metal builds on its steady intraday ascent heading into the European session and hits a fresh daily top, around the $23.65 region in the last hour.

From a technical perspective, the XAG/USD, so far, has shown resilience below the 200-hour Simple Moving Average (SMA), which is currently pegged near the $23.45 region and should act as a pivotal point for intraday traders. A convincing break and acceptance below should pave the way for a slide towards 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.

Meanwhile, oscillators on hourly charts have again started gaining positive traction and support prospects for further intraday gains, though neutral technical indicators on the daily chart might cap any meaningful upside. Hence, any subsequent move up might continue to face stiff resistance and remain capped near the $24.00 mark. That said, a sustained strength beyond might lift the XAG/USD further beyond the $24.25-$24.30 zone and allow bulls to reclaim the $25.00 psychological mark.

Some follow-through buying will suggest that the recent pullback from over a one-year high touched in May has run its course and pave the way for a further near-term appreciating move. The next relevant hurdle is pegged near the $24.35-$24.40 region, above which the XAG/USD is likely to make a fresh attempt towards conquering the $26.00 round figure.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.62 at the time of writing. Pair opened at 23.44 and is trading with a change of 0.77 % .

The pair is trading above its 20 Daily moving average @ 23.56, below its 50 Daily moving average @ 24.47 , above its 100 Daily moving average @ 23.34 and above its 200 Daily moving average @ 22.2

The previous day high was 24.06 while the previous day low was 23.4. The daily 38.2% Fib levels comes at 23.65, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.81, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 23.21, 22.98, 22.56
• Pivot resistance is noted at 23.86, 24.28, 24.51

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