Silver prices retreated from weekly highs reached during the day at $21.96 due to several technical reasons. The 200, 50 and 100-day Exponential Moving Averages (EMAs) confluence around the $21.79-86 area capped the white metal climb. Therefore, the XAG/USD closed Tuesday’s session at around $21.68, below the 200-day EMA. That said, the XAG/USD is neutral to upward bias, though a daily close above the 200-day EMA must shift the bias neutral upwards.
On the upside, the XAG/USD first resistance would be the 200-day EMA at $21.79. Once cleared, the next supply zone would be the 50/100-day EMAs intersection, at $21.84-86, followed by the $22.00 figure.
On the flip side, the XAG/USD first support would be the 20-day EMA at $21.26. A breach of the latter will expose the March 10 daily high turned support at $20.78, followed by the March 13 low at $20.50
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