XAG/USD bids cleared plenty of chart paper on Friday, with spot Silver gaining nearly 4% for the day and sending Silver prices handily into a new high
Silver is seeing recovery after Thursday's minor backstep. Spot prices have firmly gained on Friday, up nearly 4% from the day's opening bids. A declining trendline on the daily candlesticks poses a near-term threat to additional gains. heading into the close of the trading week. Despite the gains, XAG/USD remains overall bearish, still down 4.75% from the last swing high, with the year's high bids far above at $26.13.
XAG/USD Technical Outlook Friday's firm bid for spot Silver prices sends the XAG/USD pinning directly into a descending trendline from late-August's swing high into the $25.00 handle, while the 50-day Simple Moving Average sits just overhead current price action near $22.90. The 200-day SMA is turning mildly bearish into $23.35, and will be capping off technical action moving ahead if Silver bulls aren't able to extend a bull run and capitalize off the near-term floor set at $20.75.
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