- Silver modestly falls on Friday, holding above key support levels.
- The technical picture is bullish, but the upside looks limited as long as it is below $21.50.
- The break below $20.85 is likely to add to the bearish pressure.
the silver falls on the last day of the week. He bottomed during the American session at $21.14 and then quickly rallied above $21.30 as the correction from the 1-week high around $21.70 eased. It is heading towards a weekly gain of 2%.
From a technical point of view, the XAG/USD has managed to stay above the 210-day Simple Moving Average (SMA) which stands at $20.90. The chart seems to favor the upside at the moment. The $20.85/$20.90 area has become critical support for that bullish outlook to hold.
A dip below $20.85 could trigger further losses and expose the mid-November intraday low at $20.56. Below that, the next target stands at $20.25. Attention then turns to the $19.95/$20.00 barrier.
A convincing break above $21.50 should open the doors for more gains. The next resistance zone is at the $21.65/$70 region, followed by the $22.00 signal. The five-month high awaits at $22.26.
XAG/USD is about to post a 2% weekly gain and technical indicators favor gains. The price is facing resistance at the 55-week SMA at $21.90. A weekly close above could clear the way to the 100-week SMA at $23.45.
Silver daily chart
|Last price today||21.35|
|today change daily||-0.15|
|Today Daily Variation %||-0.70|
|today’s daily opening||21.5|
|previous daily high||21.68|
|previous daily low||21.46|
|Previous Weekly High||22.25|
|previous weekly low||20.75|
|Previous Monthly High||21.24|
|Previous monthly minimum||18.09|
|Fibonacci daily 38.2%||21.54|
|Daily Fibonacci of 61.8%||21.6|
|Daily Pivot Point S1||21.41|
|Daily Pivot Point S2||21.33|
|Daily Pivot Point S3||21.19|
|Daily Pivot Point R1||21.63|
|Daily Pivot Point R2||21.76|
|Daily Pivot Point R3||21.85|
Source: Fx Street
I am a writer for World Stock Market. I have been working in finance for over 7-8 years, and I have experience with a variety of financial instruments. My work has taken me to Japan, China, Europe, and the United States. I speak Japanese and Chinese fluently.