#XAGUSD @ 23.220 Silver drifts lower on Tuesday and snaps a two-day winning streak to over a one-week high.

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• Silver drifts lower on Tuesday and snaps a two-day winning streak to over a one-week high.

The pair currently trades last at 23.220.

The previous day high was 23.61 while the previous day low was 23.02. The daily 38.2% Fib levels comes at 23.38, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.24, expected to provide resistance.

Silver (XAG/USD) extends the previous day’s retracement slide from the $23.60-$23.70 horizontal resistance and remains under some selling pressure through the first half of the European session on Tuesday. The white metal currently trades around the $23.20-$23.15 region, down over 0.50% for the day, and for now, seems to have snapped a two-day winning streak.

From a technical perspective, the recent repeated failures to find acceptance above the 200-day Simple Moving Average (SMA) and the subsequent pullbacks from the $23.60-$23.70 supply zone warrant caution for bullish traders. That said, oscillators on the daily chart are holding in the positive territory and support prospects for the emergence of some dip-buying. Hence, it will be prudent to wait for some follow-through selling below the $23.00 mark before positioning for any further depreciating move.

The XAG/USD might then accelerate the fall towards testing last week’s swing low, around the $22.45 region. This is closely followed by the $22.30-$22.25 horizontal resistance breakpoint now turned support, which if broken decisively will be seen as a fresh trigger for bearish traders. The downward trajectory could then get extended further towards the $22.00 round-figure mark en route to the $21.70 horizontal support.

On the flip side, momentum beyond the $23.35 region (200-day SMA) might continue to confront hurdle near the $23.60-$23.70 zone. A sustained strength beyond should allow the XAG/USD to reclaim the $24.00 mark and climb further towards testing the next relevant barrier near the $24.20 region. Some follow-through buying will confirm a fresh breakout and allow the white metal to make a fresh attempt towards conquering the $25.00 psychological mark.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.18 at the time of writing. Pair opened at 23.32 and is trading with a change of -0.6 % .

The pair is trading above its 20 Daily moving average @ 22.39, above its 50 Daily moving average @ 22.97 , below its 100 Daily moving average @ 23.24 and below its 200 Daily moving average @ 23.3

The previous day high was 23.61 while the previous day low was 23.02. The daily 38.2% Fib levels comes at 23.38, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.24, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 23.03, 22.73, 22.44
• Pivot resistance is noted at 23.61, 23.91, 24.2

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