Silver prices rose on Friday and reached their highest level in almost three weeks.

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• Silver continues scaling higher on Friday and rallies to a nearly three-week high.

The pair currently trades last at 23.708.

The previous day high was 23.47 while the previous day low was 22.81. The daily 38.2% Fib levels comes at 23.22, expected to provide support. Similarly, the daily 61.8% fib level is at 23.06, expected to provide support.

Silver builds on the previous day’s solid recovery move from the $22.80 area, or the weekly low, and gains strong follow-through traction on Friday. This marks the third successive day of a positive move, also the fifth in the previous six, and lifts the white metal to a two-and-half-week peak, around the $23.75 region during the early part of the European session.

From a technical perspective, a move beyond the 50% Fibonacci retracement level of the August-September downfall could be seen as a fresh trigger for the XAG/USD bulls. Furthermore, oscillators on the daily chart have just started moving in the positive territory and support prospects for a further appreciating move. Hence, a subsequent strength towards reclaiming the $24.00 round figure, which coincides with the 61.8% Fibol level, looks like a distinct possibility.

Some follow-through buying will set the stage for an extension of the recent rally from an ascending trend line extending from the June swing low. The XAG/USD might then accelerate the momentum beyond the $24.30-$24.35 intermediate hurdle, towards the $25.00 psychological mark, or the August monthly swing high. The next relevant hurdle is pegged near the July peak, around the $25.25 region, which if cleared decisively should pave the way for additional gains.

On the flip side, any meaningful corrective slide now seems to find decent support near the $23.30 confluence, comprising the 200-period Simple Moving Average (SMA) on the 4-hour chart and the 38.2% Fibo. The next relevant support is pegged near the $23.00 round figure, below which the XAG/USD could slide back to retest the $22.30 support, or a nearly one-month low touched last Thursday. A convincing break below will shift the bias in favour of bearish traders.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.7 at the time of writing. Pair opened at 23.41 and is trading with a change of 1.24 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 23.54, 50 SMA 23.69, 100 SMA @ 23.65 and 200 SMA @ 23.47.

The previous day high was 23.47 while the previous day low was 22.81. The daily 38.2% Fib levels comes at 23.22, expected to provide support. Similarly, the daily 61.8% fib level is at 23.06, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 22.99, 22.57, 22.33
• Pivot resistance is noted at 23.65, 23.89, 24.31

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