Silver Price Analysis: XAG/USD bulls flirt with weekly top, await move beyond 200-hour SMA Silver Commodities Technical Analysis XAGUSD
The technical setup supports prospects for the emergence of fresh selling at higher levels.regains positive traction on Friday and climbs back to the top end of its weekly trading range, around the $21.15-$21.20 region during the mid-European session. Bulls now await a sustained strength beyond the 200-hour SMA before positioning for any further intraday appreciating move.
Any subsequent move up, however, is likely to confront stiff resistance just ahead of the mid-$21.00s, marking the 23.6% Fibonacci retracement level of the recent pullback from the $24.65 zone, or a multi-month top touched in February. A sustained strength, however, might trigger a short-covering move and lift the XAG/USD further towards the 38.2% Fibo. level, around the $22.00 round-figure mark.
The downward trajectory could get extended towards the $19.20-$19.15 intermediate support en route to the $19.00 round figure before the XAG/USD eventually drops to the $18.25-$18.20 strong horizontal support.
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