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

• Silver fails to capitalize on the previous day’s upside momentum on Friday.
• XAG/USD remains pressured below the 21-day SMA since September 16.
• Prices hover in the short term trading range of $22.00 and $23.00.

Silver Price (XAG/USD) remains poised to close the week on a lower note. The prices opened higher but failed to preserve the momentum. At the time of writing, XAG/USD trades at $22.03, down 0.61% for the day.

XAG/USD daily chart

XAG/USD monthly chart

On the daily chart, the white metal has been under continuous selling pressure from the high of $24.86 made on September 3, which also coincides with the break of the 50-day Simple Moving Average (SMA) at $24.87. Now, If the prices sustains below the intraday session’s low, it would continue with the downside price movement with the previous day’s low of $21.42. XAG/USD could further test the July, 2020 lows of $17.76.

Alternatively, the Moving Average Convergence Divergence (MACD) indicator reads in the oversold zone with stretched selling conditions. Any uptick in the MACD would make the bulls hopeful of the $22.50 horizontal resistance level followed by the psychological $23.00 mark.

Furthermore, daily close above the 20-day SMA and the bearish sloping line from the mentioned level would strengthen the outlook for the XAG/USD bulls to touch the $23.50 horizontal resistance level.

XAG/USD additoanl levels