Silver Price Analysis: XAG/USD struggles near $22.20 daily highs

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.

Rekha Chauhan Independent Analyst

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

XAG/USD

Overview
Today last price	22.02
Today Daily Change	-0.15
Today Daily Change %	-0.68
Today daily open	22.17

Trends
Daily SMA20	23.17
Daily SMA50	23.79
Daily SMA100	25.31
Daily SMA200	25.74

Levels
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

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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