Silver Price Analysis: XAG/USD eases from short-term key resistance near $22.00

• Silver fades upside momentum near one-week high but stays on the way to first weekly gain since early April.
• Three-week-old descending trend line, 100-SMA restrict nearby advances inside weekly rising channel.
• MACD, RSI conditions suggest gradual recovery until the quote stays beyond $21.40.

Silver (XAG/USD) pares the previous day’s gains around $21.90 during Friday’s sluggish Asian session.

In doing so, the bright metal retreats from a downward sloping trend line from late April while staying inside a one-week-old ascending trend channel.

However, firmer RSI (14) and bullish MACD join the rising channel formation to keep the XAG/USD buyers hopeful of overcoming the immediate hurdle surrounding $22.00.

That said, the 100-SMA level near $22.10 acts as an extra filter to the north before directing the quote towards the upper line of the stated channel, close to $22.50 by the press time.

Meanwhile, pullback moves remain elusive until staying beyond the channel’s support line, around $21.40 at the latest.

Following that,  a downward trajectory towards the monthly low of $20.45 and then to the $20.00 threshold can’t be ruled out.

Silver: Four-hour chart

Trend: Further upside expected