The value of silver, represented by #XAGUSD at 24.148, experienced a slight decrease, nearing $24.00 due to the USD Index remaining consistent.

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• Silver price has shown a minor decline to near $24.00 as the USD Index is trading sideways.

The pair currently trades last at 24.148.

The previous day high was 24.21 while the previous day low was 23.84. The daily 38.2% Fib levels comes at 24.07, expected to provide support. Similarly, the daily 61.8% fib level is at 23.98, expected to provide support.

Silver price (XAU/USD) has shown a marginal correction to near $24.00 considering non-directional cues from the US Dollar Index (DXY). The white metal is majorly trading in a range of $24.00-24.20 as investors are assessing soft United States inflation expectations and improved consumer sentiment to freshly discount the impact of economic indicators in the USD Index.

S&P500 futures have recovered their entire losses generated in Asia and have turned positive as investors are confident that the Federal Reserve (Fed) won’t be very harsh on interest rates ahead. The risk appetite theme has been underpinned by the market participants as expectations of only one interest rate hike from the Fed have trimmed fears of recession. The 10-year US Treasury Yields have dropped to 3.76%.

The upside in the USD Index seems restricted to around 102.40 due to soft short-term consumer inflation expectations. United States individuals are expecting that inflation will climb to 3.3% at an annualized rate over the next year, down from the expectations of 4.2% released in May. The figure is the lowest since March 2021 and has infused hope in the street that the Fed will announce only one more interest rate hike this year.

Meanwhile, Chicago Fed Bank President Austan Goolsebee commented that there is conflicting data on whether we are too hot or whether we have done enough. He further added labor market is too hot but working hours are declining.

Silver price is approaching the 23.6% Fibonacci retracement (plotted from March 08 low at $19.92 to May 05 high at $26.14) at $26.70 on a four-hour scale. The 50-period Exponential Moving Average (EMA) at $23.91 is providing a cushion to the Silver price.

The Relative Strength Index (RSI) (14) is oscillating in the bullish range in which the 40.00 level is a cushion for the bullish momentum.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 24.11 at the time of writing. Pair opened at 24.2 and is trading with a change of -0.37 % .

The pair is trading above its 20 Daily moving average @ 23.63, below its 50 Daily moving average @ 24.43 , above its 100 Daily moving average @ 23.36 and above its 200 Daily moving average @ 22.4

The previous day high was 24.21 while the previous day low was 23.84. The daily 38.2% Fib levels comes at 24.07, expected to provide support. Similarly, the daily 61.8% fib level is at 23.98, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 23.96, 23.71, 23.58
• Pivot resistance is noted at 24.33, 24.46, 24.7

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