Silver Price Analysis: XAG/USD rises 2.81%, tests key resistance, eyeing $22.00

Silver rebounds from a near $20.80 low, surging above $21.50, undeterred by positive US economic reports.
A critical resistance at $21.60/70 looms, with a breakthrough potentially paving the way to $22.00.
Downward path highlights supports at $21.00 and a 7-month low of $20.69, with a possible dip to $19.90

Christian Borjon Valencia FXStreet

Silver price (XAG/USD) stages a recovery after bottoming at around the $20.80 area during the last three days, rising back above $21.50, posting gains of 2.81%. An upbeat report from the United States (US) was not a reason to stop Silver’s climb on Friday.

The daily chart portrays the XAG/USD as neutral to downward biased despite registering solid gains. At the time of writing, Silver is testing the bottom of an upslope support trendline turned resistance, which passes at around $21.60/70, which, if broken, could sponsor another leg-up for XAG/USD towards the $22.00 mark. Once cleared, the next stop would be the 20-day Exponential Moving Average (EMA) at $22.50.

Conversely, and the path of least resistance, the XAG/USD first support would be $21.00, followed by the recent 7-month low of $20.69. A decisive break, Silver’s could test the year-to-date (YTD) low reached on March 2023 at around $19.90.

XAG/USD Price Action – Daily chart

XAG/USD Technical Levels

XAG/USD

Overview
Today last price	21.55
Today Daily Change	0.57
Today Daily Change %	2.72
Today daily open	20.98

Trends
Daily SMA20	22.59
Daily SMA50	23.17
Daily SMA100	23.4
Daily SMA200	23.4

Levels
Previous Daily High	21.3
Previous Daily Low	20.71
Previous Weekly High	23.65
Previous Weekly Low	22.12
Previous Monthly High	24.82
Previous Monthly Low	22.12
Daily Fibonacci 38.2%	20.94
Daily Fibonacci 61.8%	21.08
Daily Pivot Point S1	20.69
Daily Pivot Point S2	20.41
Daily Pivot Point S3	20.11
Daily Pivot Point R1	21.28
Daily Pivot Point R2	21.58
Daily Pivot Point R3	21.87

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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