#XAGUSD @ 24.267 Silver breaks through ley technical levels, eyes resistance at $24.49. (Pivot Orderbook analysis)
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- Silver breaks through ley technical levels, eyes resistance at $24.49.
- Buyers dominate XAG/USD market as RSI crosses 50-midline.
- Falling below the EMA confluence at $23.88-$23.76 could challenge $23.25 weekly lows.
The pair currently trades last at 24.267.
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 support. Similarly, the daily 61.8% fib level is at 23.81, expected to provide support.
Silver price skyrockets following a worse-than-expected employment report in the United States (US), which sent US bond yields plunging, a headwind for the US Dollar (USD). Therefore, XAG/USD is advancing sharply to new three-week highs, exchanging hands at around $24.18.
XAG/USD shifted from neutral biased to upwards, claiming essential technical levels on its way north but capped by resistance at April 25 daily low at $24.49. XAG/USD’s jump in price action spurred a reaction in oscillators, with the Relative Strength Index (RSI) indicator crossing above the 50-midline, while the three-day Rate of Change (RoC) depicts buyers in charge.
Therefore, the XAG/USD path of least resistance is upwards. That said, the XAG/USD first resistance would be $24.49, followed by the $25.00 figure. Once cleared, Silver could rally toward the May 11 high at $25.47, followed by the May 10 swing high at $25.91.
Conversely, if XAG/USD drops below the confluence of the 50 and 20-day Exponential Moving Averages (EMAs) at $23.88-$23.76, that could open the door to challenging weekly lows of $23.25.
Technical Levels: Supports and Resistances
XAGUSD currently trading at 24.23 at the time of writing. Pair opened at 23.44 and is trading with a change of 3.37 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 24.23 |
| 1 | Today Daily Change | 0.79 |
| 2 | Today Daily Change % | 3.37 |
| 3 | Today daily open | 23.44 |
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
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 23.56 |
| 1 | Daily SMA50 | 24.47 |
| 2 | Daily SMA100 | 23.34 |
| 3 | Daily SMA200 | 22.20 |
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 support. Similarly, the daily 61.8% fib level is at 23.81, expected to provide support.
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
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 24.06 |
| Previous Daily Low | 23.40 |
| Previous Weekly High | 24.02 |
| Previous Weekly Low | 22.93 |
| Previous Monthly High | 26.14 |
| Previous Monthly Low | 22.68 |
| Daily Fibonacci 38.2% | 23.65 |
| Daily Fibonacci 61.8% | 23.81 |
| Daily Pivot Point S1 | 23.21 |
| Daily Pivot Point S2 | 22.98 |
| Daily Pivot Point S3 | 22.56 |
| Daily Pivot Point R1 | 23.86 |
| Daily Pivot Point R2 | 24.28 |
| Daily Pivot Point R3 | 24.51 |
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