XAG / USD is struggling near the daily high of $ 22.20
- Silver cannot benefit from the previous day’s upward momentum on Friday.
- XAG / USD has remained below the 21-day SMA since September 16.
- The prices move in the short-term trading range of $ 22.00 and $ 23.00.
Silver (XAG / USD) price remains poised to close lower for the week. Prices opened higher but failed to maintain momentum. At the time of writing, XAG / USD is trading at $ 22.03, down 0.61% for the day.
XAG / USD daily chart
XAG / USD monthly chart
On the daily chart, the white metal was under sustained selling pressure from the September 3rd high of $ 24.86, which also coincided with the break of the 50-day Simple Moving Average (SMA) at $ 24.87. If prices hold below the intraday session low, it would continue the downward move at the previous day’s low of $ 21.42. XAG / USD could further test the July 2020 lows of $ 17.76.
Alternatively, the indicator shows the Moving Average Convergence Divergence (MACD) in the oversold zone with stretched sales conditions. Any rise in the MACD would keep the bulls hoping for the horizontal resistance level of $ 22.50, followed by the psychological level of $ 23.00.
Additionally, a daily close above the 20-day SMA and the bearish descending line from the aforementioned level would bolster the prospect for the XAG / USD bulls to touch the horizontal resistance level of $ 23.50.
XAG / USD additional levels