Silver Price Analysis: XAG/USD capped while below $21.50, bullish bias above $20.85

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  • 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.

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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.

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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

XAGUSD

technical levels

XAG/USD

Overview
Last price today 21.35
today change daily -0.15
Today Daily Variation % -0.70
today’s daily opening 21.5
Trends
daily SMA20 20.8
daily SMA50 19.92
daily SMA100 19.58
daily SMA200 21.38
levels
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

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