Silver is trading within a small range above the $23.00 level on Monday.

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• Silver oscillates in a narrow trading range above the $23.00 mark on Monday.

The pair currently trades last at 23.069.

The previous day high was 23.15 while the previous day low was 22.62. The daily 38.2% Fib levels comes at 22.95, expected to provide support. Similarly, the daily 61.8% fib level is at 22.82, expected to provide support.

Silver kicks off the new week on a subdued note, albeit manages to hold its neck above the $23.00 round-figure mark through the early European session. The mixed technical setup, meanwhile, warrants some caution before placing aggressive directional bets.

The recent recovery from the vicinity of the $22.00 mark, or the multi-month low touched in June, has been along an upward-sloping channel. Furthermore, last week’s pullback from the $23.30 confluence – comprising the 50% Fibonacci retracement level of the downfall from the June peak and the 200-period Simple Moving Average (SMA) on the 4-hour chart – stalled near the lower end of the said channel. Moreover, positive oscillators on hourly charts favour bullish traders.

That said, technical indicators on the daily chart are yet to confirm a positive outlook. Hence, any subsequent move up might continue to face some resistance near the $23.30 confluence region. This is closely followed by the ascending trend-channel resistance, currently around the $23.45 region. A sustained strength beyond will confirm a positive breakout and lift the XAG/USD beyond the 61.8% Fibo. resistance near the $23.60 region, toward reclaiming the $24.00 mark.

The positive momentum could get extended further towards the $24.20-$24.25 intermediate barrier, above which the XAG/USD could climb back to the June monthly swing high, around the $24.55 region.

On the flip side, weakness back below the $23.00 mark, representing the 38.2% Fibo., is more likely to attract some buying and remain limited near the $22.65-$22.70 area, or the 23.6% Fibo. level. The latter should act as a pivotal point, which if broken could make the XAG/USD vulnerable to slide back towards the $22.mark. Some follow-through selling should pave the way for fall towards the $21.70-$21.65 zone en route to the $21.25 support and the $21.00 mark.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.09 at the time of writing. Pair opened at 23.08 and is trading with a change of 0.04 % .

The pair is trading below its 20 Daily moving average @ 23.14, below its 50 Daily moving average @ 23.74 , below its 100 Daily moving average @ 23.4 and above its 200 Daily moving average @ 22.68

The previous day high was 23.15 while the previous day low was 22.62. The daily 38.2% Fib levels comes at 22.95, expected to provide support. Similarly, the daily 61.8% fib level is at 22.82, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 22.74, 22.41, 22.21
• Pivot resistance is noted at 23.28, 23.49, 23.82

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