XAG/USD limited while below $21.50, upside bias above $20.85 – Crypto News – Crypto News
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XAG/USD reaches key support area at $18.10 XAG/USD reaches key support area at $18.10

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XAG/USD limited while below $21.50, upside bias above $20.85 – Crypto News

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3 years ago

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  • Silver falls modestly on Friday, holding above key support levels.
  • Technical outlook presents a bullish bias but upside seems limited while under $21.50.
  • Break below $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 towards a weekly gain of 2%.

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

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