XAG/USD climbs modestly, last trading at $21.81

Silver (XAG/USD) price extends its recent rises following SVB’s collapse.
The pair trades between $21.55 and $21.92 on Wednesday.
Daily RSI(14) at 55.369, indicating slightly bullish momentum.

Daily price movements:

XAG/USD (Silver) sees a modestly bullish intraday movement on Wednesday, with the last recorded price at $21.81. The commodity starts the session at $21.69, the previous close, and fluctuates between the lowest intraday price of $21.55 and the highest intraday price of $21.92. The overall intraday price change stands at +0.55% at press time.

Daily economic events:

On Wednesday, USD/JPY traders should closely monitor the US February Retail Sales (12:30 GMT) and the US Producer Price Index (excluding food and energy at 12:30 GMT) data.

Technical View:

XAG/USD pair has been trading above its daily 20-SMA ($21.11) but below its 50-SMA ($22.38), indicating mixed signals in short to medium term. Silver price has broken above the $21.30 highs, the last lower high of the previous downtrend, which is a bullish signal and increases the probabilities the trend may be reversing.

Daily RSI(14) of 55.369 indicates a slightly bullish momentum as the pair trades above the 50 mark. However, the market may encounter some resistance, as the daily resistance levels are $21.96, $22.22, and $22.46.

The daily pivot point for the XAG/USD pair is $21.72, close to the last intraday price at press time. The daily support levels are $21.46, $21.22, and $20.96. If the pair manages to break above the pivot point, it may test the resistance levels, while a break below the pivot point could trigger a test of the support levels.

XAG/USD

Overview
Today last price	21.77
Today Daily Change	0.07
Today Daily Change %	0.32
Today daily open	21.7

Trends
Daily SMA20	21.11
Daily SMA50	22.43
Daily SMA100	22.25
Daily SMA200	20.94

Levels
Previous Daily High	21.98
Previous Daily Low	21.48
Previous Weekly High	21.31
Previous Weekly Low	19.9
Previous Monthly High	24.64
Previous Monthly Low	20.42
Daily Fibonacci 38.2%	21.67
Daily Fibonacci 61.8%	21.78
Daily Pivot Point S1	21.46
Daily Pivot Point S2	21.22
Daily Pivot Point S3	20.96
Daily Pivot Point R1	21.96
Daily Pivot Point R2	22.22
Daily Pivot Point R3	22.46

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