Silver Price Analysis: XAG/USD limited while under $21.50, upside bias above $20.85

Silver falls modestly on Friday, holds above key support levels.
Technical outlook presents a bullish bias but upside seems limited while under $21.50.
Break under $20.85 likely to increase bearish pressure.

Silver is falling on the last day of the week. It bottomed during the American session at $21.14 and then quickly bounced back above $21.30, as the correction from the one-week top around $21.70 faded. It is headed toward a weekly gain of 2%.

From a technical perspective, the XAG/USD, has managed to remains above the 210-day Simple Moving Average (SMA) that stands at 20.90. The chart appears to favor the upside at the moment. The area around $20.85/20.90 has become a critical support for that bullish perspective to hold.

A decline below $20.85 could trigger more losses exposing the mid-November intraday low at $20.56. Below the next target is seen at $20.25. Attention then is set on the $19.95/20.00 barrier.

A convincing breakout above $21.50 should open the doors to more gains. The next resistance area is in the $21.65/70 region followed by the $22.00 mark. The five-month high awaits at $22.26.

The XAG/USD is about to post a weekly gain of 2% and technical indicators favor the upside. Price is facing resistance at the 55-week SMA at $21.90. A weekly close above might clear the way to the 100-week SMA at $23.45.

Silver daily chart

Technical levels

XAG/USD

Overview
Today last price	21.35
Today Daily Change	-0.15
Today Daily Change %	-0.70
Today daily open	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 Low	18.09
Daily Fibonacci 38.2%	21.54
Daily Fibonacci 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

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