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.