- Silver fails to capitalize on the previous day’s upside momentum on Friday.
- XAG/USD remains pressured below the 21-day SMA since September 16.
- Prices hover in the short term trading range of $22.00 and $23.00.
Silver Price (XAG/USD) remains poised to close the week on a lower note. The prices opened higher but failed to preserve the momentum. At the time of writing, XAG/USD trades at $22.03, down 0.61% for the day.
XAG/USD daily chart
XAG/USD monthly chart
On the daily chart, the white metal has been under continuous selling pressure from the high of $24.86 made on September 3, which also coincides with the break of the 50-day Simple Moving Average (SMA) at $24.87. Now, If the prices sustains below the intraday session’s low, it would continue with the downside price movement with the previous day’s low of $21.42. XAG/USD could further test the July, 2020 lows of $17.76.
Alternatively, the Moving Average Convergence Divergence (MACD) indicator reads in the oversold zone with stretched selling conditions. Any uptick in the MACD would make the bulls hopeful of the $22.50 horizontal resistance level followed by the psychological $23.00 mark.
Furthermore, daily close above the 20-day SMA and the bearish sloping line from the mentioned level would strengthen the outlook for the XAG/USD bulls to touch the $23.50 horizontal resistance level.
XAG/USD additoanl levels
|Today last price||22.02|
|Today Daily Change||-0.15|
|Today Daily Change %||-0.68|
|Today daily open||22.17|
|Previous Daily High||22.24|
|Previous Daily Low||21.47|
|Previous Weekly High||23.15|
|Previous Weekly Low||22.04|
|Previous Monthly High||24.87|
|Previous Monthly Low||21.42|
|Daily Fibonacci 38.2%||21.94|
|Daily Fibonacci 61.8%||21.76|
|Daily Pivot Point S1||21.68|
|Daily Pivot Point S2||21.19|
|Daily Pivot Point S3||20.92|
|Daily Pivot Point R1||22.45|
|Daily Pivot Point R2||22.73|
|Daily Pivot Point R3||23.21|
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