As Wall Street closes, silver (XAG/USD) finished the session in the red, down almost 1%, at $24.58 at the time of writing. Friday’s session witnessed a downbeat market sentiment in the equity markets. The S&P 500 and the Dow Jones Industrial printed losses between  0.11% and 0.74%. The outlier was the Nasdaq 100, gaining 0.56%. Safe-haven currencies finished the day in the green in the FX market, while risk-sensitive currencies, like the AUD, the NZD, and the GBP, fell.

In the overnight session, silver remained subdued, trendless trading around the $24.75-93 region. However, some fed speakers spurred demand for the greenback throughout the American session, ultimately affecting the white metal, which plunged to the  $24.50 area.

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

Silver (XAG/USD) portrays that an inverted head-and-shoulders in the daily chart just formed. However, it would need a confirmation above the neckline, though Friday’s price action witnessed a daily close below the neckline. Despite the abovementioned, the non-yielding metal has an upward bias in the near term, with the 50 and 100-day moving averages (DMA’s) residing below the spot price.

Nevertheless, to accelerate the uptrend, silver bulls would need to reclaim the 200-DMA at $25.26. That outcome would open the door for further gains, though XAG/USD bulls would find some hurdles on the way north.

The first resistance would be the August 4 high at $26.00. A sustained breach of the latter would expose July 14 high $26.44, followed by the psychological $27.00.

On the flip side, failure the first support would be the 100-DMA at $24.06

Silver looking to dominate $26.0

Nov 21 2021