#XAGUSD @ 23.096 Silver climbs to a one-week high on Monday, albeit struggles to capitalize on the move up.

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• Silver climbs to a one-week high on Monday, albeit struggles to capitalize on the move up.

The pair currently trades last at 23.096.

The previous day high was 23.13 while the previous day low was 22.66. The daily 38.2% Fib levels comes at 22.95, expected to provide support. Similarly, the daily 61.8% fib level is at 22.84, expected to provide support.

Silver (XAG/USD) gains some positive traction for the second successive day and touches a one-week high, around the $23.20 area during the Asian session on Monday. The white metal, however, struggles to capitalize on the move and remains below the $23.30-$23.40 confluence, comprising the 200-day Simple Moving Average (SMA) and the 61.8% Fibonacci retracement level of the August-October downfall.

The aforementioned hurdle is followed by the $23.70-$23.75 supply zone, which should now act as a key pivotal point. Technical indicators on the daily chart, meanwhile, have been gaining positive traction and are still far from being in the overbought zone. Hence, a sustained strength beyond the said barriers will be seen as a fresh trigger for the XAG/USD bulls and pave the way for some meaningful appreciating move.

The subsequent move up could get extended beyond the $24.00 round-figure mark, towards testing the next relevant resistance near the $24.20 region. Some follow-through buying will confirm a fresh breakout and allow the XAG/USD to make a fresh attempt towards conquering the $25.00 psychological mark.

On the flip side, slide back below the $23.00 round figure now seems to find some support near the $22.85 region, or the 50% Fibo. level. The next relevant support is pegged near last week’s swing low, around the $22.55 area, ahead of the 38.2% Fibo. level, around the $22.35-$22.30 static support. Failure to defend the said support levels might shift the bias in favour of the XAG/USD bears.

The downward trajectory could then get extended further towards the $22.00 round-figure mark, en route to the $21.70 region, representing 23.6% Fibo. level. Some follow-through selling could make the XAG/USD vulnerable to accelerate the fall further towards the $21.00 level before eventually dropping to the $20.70-$20.65 region, or its lowest level since March touched earlier this month.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.12 at the time of writing. Pair opened at 23.09 and is trading with a change of 0.13 % .

The pair is trading above its 20 Daily moving average @ 22.27, above its 50 Daily moving average @ 22.97 , below its 100 Daily moving average @ 23.25 and below its 200 Daily moving average @ 23.3

The previous day high was 23.13 while the previous day low was 22.66. The daily 38.2% Fib levels comes at 22.95, expected to provide support. Similarly, the daily 61.8% fib level is at 22.84, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 22.79, 22.49, 22.33
• Pivot resistance is noted at 23.25, 23.42, 23.72

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