The price of silver, represented by #XAGUSD, shows significant upward momentum on Friday, bouncing back even more strongly from a low point reached two weeks ago.

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• Silver gains strong positive traction on Friday and recovers further from a two-week low.

The pair currently trades last at 23.028.

The previous day high was 22.74 while the previous day low was 22.4. The daily 38.2% Fib levels comes at 22.61, expected to provide support. Similarly, the daily 61.8% fib level is at 22.53, expected to provide support.

Silver builds on the previous day’s bounce from a support marked by an ascending trend line extending from the June swing low, around the $22.40-$22.35 area, or a two-week low, and scales higher for the second successive day on Friday. The strong intraday move up lifts the white metal to a four-day high during the early European session, albeit stalls near the $23.05-$23.10 confluence hurdle.

Technical indicators on the daily chart, meanwhile, are yet to confirm a near-term positive outlook. Moreover, the Relative Strength Index (RSI) on the daily chart is already flashing overbought conditions and capping the XAG/USD. This makes it prudent to wait for a sustained strength beyond the aforementioned barrier, comprising the 200-hour Simple Moving Average (SMA) and the 50% Fibonacci retracement level of the downfall witnessed over the past week or so, before placing fresh bullish bets.

The XAG/USD might then aim to surpass the $23.20-$23.25 resistance and challenge the very important 200-day SMA, around the $23.45 region. This is followed by last week’s swing high, around the $23.75 area, above which the momentum could get extended towards the $24.00 round figure en route to the $24.30-$24.35 hurdle. Some follow-through buying should pave the way for a further appreciating move and allow bulls to reclaim the $25.00 psychological mark.

On the flip side, any meaningful corrective slide might now find decent support near the $22.70 area or the 23.6% Fibo. level, below which the XAG/USD could slide to the aforementioned trend-line support, around the $22.40-$22.35 region. A convincing break below the latter will be seen as a fresh trigger for bearish traders and make Silver vulnerable to weaken further below the $22.00 mark. The downward trajectory could get extended towards the $21.25 intermediate support before the white metal eventually drops to the $21.00 level.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.01 at the time of writing. Pair opened at 22.62 and is trading with a change of 1.72 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 23.17, 50 SMA 23.49, 100 SMA @ 23.53 and 200 SMA @ 23.46.

The previous day high was 22.74 while the previous day low was 22.4. The daily 38.2% Fib levels comes at 22.61, expected to provide support. Similarly, the daily 61.8% fib level is at 22.53, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 22.43, 22.25, 22.1
• Pivot resistance is noted at 22.77, 22.92, 23.11

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