Silver Price Analysis: XAGUSD holds comfortably above $21.00, just below 200-day SMA


  • Silver stages a goodish rebound from over a one-week low touched on Thursday.
  • The overnight break and close below the 200-day SMA favours bearish traders.
  • Any subsequent move up might confront stiff resistance near the $21.70 region.

Silver regains some positive traction on Friday and recovers a part of the previous day's heavy losses to a one-and-half-week low. The white metal sticks to its gains around the $21.20-$21.25 region through the first half of the European session and for now, seems to have snapped a three-day losing streak.

From a technical perspective, the overnight sustained weakness and a decisive close below the key 200-day SMA favours bearish traders. The said support breakpoint is currently pegged around the $21.40 area and should act as a pivotal point for intraday traders. A sustained strength beyond has the potential to lift the XAGUSD towards the $21.70 horizontal barrier.

The momentum could further get extended towards the $22.00 mark, which is followed by the multi-month peak, around the $22.25 region touched on Tuesday. Some follow-through buying will be seen as a fresh trigger for bulls and set the stage for further gains. Spot prices might then test the $22.50-$22.60 supply zone and eventually reclaim the $23.00 round figure.

On the flip side, the overnight swing low, around the $20.75 region, now seems to protect the immediate downside ahead of the $20.40-$20.35 support. The next relevant support is pegged near the $20.00 psychological mark. Failure to defend the latter will negate any near-term positive bias and make the XAGUSD vulnerable to extending the downward trajectory.

Silver daily chart

fxsoriginal

Key levels to watch

XAG/USD

Overview
Today last price 21.26
Today Daily Change 0.29
Today Daily Change % 1.38
Today daily open 20.97
 
Trends
Daily SMA20 20.36
Daily SMA50 19.73
Daily SMA100 19.5
Daily SMA200 21.44
 
Levels
Previous Daily High 21.49
Previous Daily Low 20.75
Previous Weekly High 22.06
Previous Weekly Low 20.39
Previous Monthly High 21.24
Previous Monthly Low 18.09
Daily Fibonacci 38.2% 21.04
Daily Fibonacci 61.8% 21.21
Daily Pivot Point S1 20.65
Daily Pivot Point S2 20.33
Daily Pivot Point S3 19.91
Daily Pivot Point R1 21.39
Daily Pivot Point R2 21.81
Daily Pivot Point R3 22.13

 

 

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