Silver Price Analysis: XAG/USD struggles near $22.20 daily highs

Silver fails to capitalize on the preceding day’s upside momentum on Friday.
XAG/USD stays forced beneath the 21-day SMA in view that September 16.
Prices hover in the quick time period buying and selling vary of $22.00 and $23.00.
Silver Price (XAG/USD) stays poised to shut the week on a decrease note. The expenses opened greater however failed to retain the momentum. At the time of writing, XAG/USD trades at $22.03, down 0.61% for the day.
On the every day chart, the white metallic has been below non-stop promoting strain from the excessive of $24.86 made on September 3, which additionally coincides with the spoil of the 50-day Simple Moving Average (SMA) at $24.87. Now, If the costs sustains under the intraday session’s low, it would proceed with the draw back charge motion with the preceding day’s low of $21.42. XAG/USD may want to similarly check the July, 2020 lows of $17.76.

Alternatively, the Moving Average Convergence Divergence (MACD) indicator reads in the oversold region with stretched promoting conditions. Any uptick in the MACD would make the bulls hopeful of the $22.50 horizontal resistance degree accompanied through the psychological $23.00 mark.

Furthermore, every day shut above the 20-day SMA and the bearish sloping line from the stated degree would fortify the outlook for the XAG/USD bulls to contact the $23.50 horizontal resistance stage


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