The value of silver at 23.883 in relation to the US dollar is stabilizing under $24.00 due to the persistence of a high USD index.

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• Silver price is consolidating below $24.00 as the USD Index remains elevated.

The pair currently trades last at 23.883.

The previous day high was 24.2 while the previous day low was 23.89. The daily 38.2% Fib levels comes at 24.01, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.08, expected to provide resistance.

Silver price (XAU/USD) has shifted its auction below the crucial support of $24.00 in the early European session. The white metal has shown a steady downside move amid an absence of potential economic indicators this week.

S&P500 futures have carry-forwarded losses added in Asia to the European session. A cautious market mood has been observed in the FX domain as the US markets will open after an extended weekend. The US Dollar Index (DXY) has faced nominal barriers around 102.60, however, the upside move has not faded yet. The US Treasury yields are also showing resilience. The 10-year US Treasury yields have climbed strongly above 3.8%.

Distinct responses to Federal Reserve’s (Fed) interest rate guidance have kept the USD Index quiet. The street is hoping that the bleak US economic outlook might force the Fed to shift its stance to only one rate hike this year. US labor market conditions have released some heat as weekly jobless claims are consistently increasing and the Unemployment Rate has climbed to 3.8%.

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 has faced selling pressure while attempting to climb into the Rising Channel chart pattern around $24.24 on a four-hour scale. The white metal is hovering near the 200-period Exponential Moving Average (EMA) around $23.90, indicating a sheer decline in volatility.

Also, the Relative Strength Index (RSI) (14) is oscillating in the 40.00-60.00 range, portraying a lackluster performance.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.91 at the time of writing. Pair opened at 23.95 and is trading with a change of -0.17 % .

The pair is trading above its 20 Daily moving average @ 23.64, below its 50 Daily moving average @ 24.41 , above its 100 Daily moving average @ 23.36 and above its 200 Daily moving average @ 22.43

The previous day high was 24.2 while the previous day low was 23.89. The daily 38.2% Fib levels comes at 24.01, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.08, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 23.82, 23.7, 23.51
• Pivot resistance is noted at 24.14, 24.33, 24.46

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