Despite the bearish correction last week. The outlook in XAGUSD remains on the upside as long as support 19.93 holds on a weekly basis. Resistance is at the 21.72 levels ahead of the 22.17 levels. A break of 22.17 is needed to resume the bullish trend. If seen, It will target the 23.40 levels where a breach will turn the focus on the 23.98 levels ahead of the 25.11 levels.
On the downside, support comes at the 20.75 levels ahead of the 19.93 levels ( main). Stability above the 20.75 levels could mean a return to the 21.72 levels, below 21.72 would open main support at the 19.93 levels before the next possible rise. Sustained trading below the 19.93 levels will confirm topping and turn outlook towards the 18.67 levels. A cut will extend losses to the 17.50 levels.
In all as long as support 19.93 holds on a weekly basis, the XAGUSD will remain biased on the upside towards the 22.17 levels ahead of the 23.40 levels, losing the 19.93 levels on a weekly basis would reverse risks towards the 18.67 levels ahead of the 17.50 levels.