Home Forex XAG/USD bound below $21.50, bias above $20.85

XAG/USD bound below $21.50, bias above $20.85

by SuperiorInvest
  • Silver is slightly lower on Friday, holding above key support levels.
  • The technical outlook is bullish, but upside appears limited while below $21.50.
  • A break below $20.85 is likely to increase bearish pressure.

Silver falls on the last day of the week. It bottomed at $21.14 during the US session before quickly bouncing back above $21.30 as the correction from the weekly peak around $21.70 faded. Aiming for a weekly gain of 2%.

Technically, XAG/USD managed to stay above the 210-day simple moving average (SMA) of 20.90. The diagram seems to be supporting growth at the moment. The area around $20.85/$20.90 has become a critical support to maintain this bullish perspective.

A drop below $20.85 could trigger further losses and reveal the mid-November intraday low of $20.56. $20.25 is seen below the next target. Attention is then set at the $19.95/$20.00 border.

A convincing break above $21.50 should open the door to further gains. Another area of ​​resistance is in the $21.65/70 area followed by the $22.00 mark. A five-month high awaits at $22.26.

XAG/USD is set to post a weekly gain of 2% and technical indicators favor up. The price faces 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

Technical levels

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