#XAGUSD @ 24.285 Silver price hits a four-week high at $24.52 but retraces to $24.26. (Pivot Orderbook analysis)

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• Silver price hits a four-week high at $24.52 but retraces to $24.26.
• For bullish continuation, XAG/USD must breach $24.49 resistance, opening the path to $25.00 per troy ounce.
• XAG/USD’s failure to crack $24.49 could lead to further losses, with potential dips to $24.01 and $23.63.

The pair currently trades last at 24.285.

The previous day high was 24.36 while the previous day low was 23.43. The daily 38.2% Fib levels comes at 24.0, expected to provide support. Similarly, the daily 61.8% fib level is at 23.79, expected to provide support.

Silver price reaches a new four-week high but retraces from those levels to finish the day, forming a gravestone doji, suggesting neither buyers nor sellers win the battle, which would continue into the following week. Therefore, the XAG/USD finished the week trading at $24.26 after hitting a daily high of $24.52.

The XAG/USD daily chart portrays the pair as neutral-biased in the near term. Although the daily EMAs sit beneath Silver’s spot price, XAG/USD’s failure to break market structure above the April 25 low turned resistance at $24.49 would likely keep Silver’s price depressed. Nevertheless, real news like the Federal Reserve (Fed) monetary policy decision on Wednesday could give direction after printing a doji on the latest day of the week.

For a bullish continuation, XAG/USD must reclaim $24.49, which could put into play the $25.00 figure per troy ounce in play. A breach of the latter will expose the May 11 high at $25.47 before challenging May 10 daily high at $25.91.

XAG/USD’s failure to break $24.49 could pave the way for further losses. The XAG/USD could dive towards the June 2 daily high at $24.01, followed by the June 8 low at $23.63, ahead of dropping toward $23.50.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 24.29 at the time of writing. Pair opened at 24.27 and is trading with a change of 0.08 % .

The pair is trading above its 20 Daily moving average @ 23.57, below its 50 Daily moving average @ 24.49 , above its 100 Daily moving average @ 23.35 and above its 200 Daily moving average @ 22.23

The previous day high was 24.36 while the previous day low was 23.43. The daily 38.2% Fib levels comes at 24.0, expected to provide support. Similarly, the daily 61.8% fib level is at 23.79, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 23.68, 23.09, 22.76
• Pivot resistance is noted at 24.61, 24.94, 25.53

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