#XAGUSD @ 21.451 Silver falls modestly on Friday, holds above key support levels. (Pivot Orderbook analysis)

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• Silver falls modestly on Friday, holds above key support levels.
• Technical outlook presents a bullish bias but upside seems limited while under $21.50.
• Break under $20.85 likely to increase bearish pressure.

The pair currently trades last at 21.451.

The previous day high was 21.68 while the previous day low was 21.46. The daily 38.2% Fib levels comes at 21.54, expected to provide resistance. Similarly, the daily 61.8% fib level is at 21.6, expected to provide resistance.

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 toward a weekly gain of 2%.

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

Technical Levels: Supports and Resistances

XAGUSD currently trading at 21.35 at the time of writing. Pair opened at 21.5 and is trading with a change of -0.7 % .

The pair is trading above its 20 Daily moving average @ 20.8, above its 50 Daily moving average @ 19.92 , above its 100 Daily moving average @ 19.58 and below its 200 Daily moving average @ 21.38

The previous day high was 21.68 while the previous day low was 21.46. The daily 38.2% Fib levels comes at 21.54, expected to provide resistance. Similarly, the daily 61.8% fib level is at 21.6, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 21.41, 21.33, 21.19
• Pivot resistance is noted at 21.63, 21.76, 21.85

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