Silver Price Analysis: XAG/USD bulls need to make it through $22.30 support-turned-hurdle

Silver regains positive traction on Friday and climbs back closer to a near two-week high.
Neutral oscillators on the daily chart warrant some caution for aggressive bullish traders.
Any meaningful corrective slide is likely to attract fresh buyers near the $21.60-55 region.

Haresh Menghani FXStreet

Silver builds on its intraday gains through the first half of the European session on Friday and jumps back closer to a nearly two-week high touched the previous day, though remains below the $22.30 strong horizontal support breakpoint.

Neutral technical indicators on the daily chart, meanwhile, make it prudent to wait for some follow-through buying beyond the aforementioned support-turned-resistance before positioning for any further appreciating move. The XAG/USD might then accelerate the momentum towards reclaiming the $23.00 mark before aiming to challenge the very important 200-day Simple Moving Average (SMA), currently pegged around the $23.35 area.

The latter should act as a key pivotal point for short-term traders, which if cleared decisively will set the stage for an extension of the recent recovery move from the $20.70-$20.65 region, or a multi-month low touched last week. The subsequent move up has the potential to lift the XAG/USD towards the next relevant hurdle near the $23.75-$23.80 region (September 22 high) en route to the $24.00 round figure and the $24.30-$24.35 resistance zone.

On the flip side, the $21.75 horizontal support might continue to protect the immediate downside ahead of the $21.60-$21.55 zone
or the weekly low. Some follow-through selling could drag the XAG/USD back towards a multi-day-old trading range resistance breakpoint, turned support, around the $21.3-$21.30 region en route to the $21.00 mark. The downward trajectory could get extended towards the $20.70-$20.65 region, or a seven-month low.

Silver daily chart

Technical levels to watch

XAG/USD

Overview
Today last price	22.14
Today Daily Change	0.31
Today Daily Change %	1.42
Today daily open	21.83

Trends
Daily SMA20	22.32
Daily SMA50	22.94
Daily SMA100	23.33
Daily SMA200	23.35

Levels
Previous Daily High	22.24
Previous Daily Low	21.75
Previous Weekly High	22.2
Previous Weekly Low	20.68
Previous Monthly High	24.82
Previous Monthly Low	22.12
Daily Fibonacci 38.2%	21.94
Daily Fibonacci 61.8%	22.05
Daily Pivot Point S1	21.64
Daily Pivot Point S2	21.45
Daily Pivot Point S3	21.15
Daily Pivot Point R1	22.13
Daily Pivot Point R2	22.43
Daily Pivot Point R3	22.61

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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