The XAGUSD pair fell below the $24.70 level and is expected to close the week with a loss of over 1%.

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• XAG/USD retreated below the $24.70 level, poised to close a more than 1% weekly loss.

The pair currently trades last at 24.627.

The previous day high was 25.27 while the previous day low was 24.71. The daily 38.2% Fib levels comes at 24.92, expected to provide resistance. Similarly, the daily 61.8% fib level is at 25.06, expected to provide resistance.

At the end of the week, the XAG/USD lost ground and is set to close a weekly loss following three weeks of gains. The USD measured by the DXY index, is recovering and tallied a fourth consecutive day of gains jumping above 101.00 making the grey metal struggle to find demand.

The USD gained some ground following labour market data on Thursday, which fueled hawkish bets on the Federal Reserve (Fed) and a rise in US yields, weakening metal prices. The US Bureau of Labor Statistics (BLS) released unemployment data, showing a decrease in jobless claims to 228,000, below the expected 242,000. Investors are speculating on a hawkish stance from the Fed, anticipating the need to maintain higher interest rates for a longer period as the labour market remains robust.

In today’s session, US yields trade mixed across the board following Thursday’s increase. The 2-year yield jumped to 4.85%, seeing mild gains while the 5 and 10-year rates slightly decreased to 4.08% and 3.82%.

Regarding next week’s decision, markets are mainly discounting a 25 basis point (bps) hike, but the odds of a second week past July have increased following Jobless Claims data but still remain low at nearly 35%. In addition, markets will closely watch Jerome Powell’s presser to look for clues regarding forward guidance.

According to the daily chart, the technical outlook is starting to turn bearish for the short term as bulls are losing steam. The Relative Strength Index (RSI) got rejected at the overbought threshold on Wednesday, prints and points south, while the Moving Average Convergence Divergence (MACD) prints decreasing green bars.

Support levels: $24.60, $24.50, $24.10.
Resistance levels: $25.00, $25.30,$25.00.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 24.69 at the time of writing. Pair opened at 24.76 and is trading with a change of -0.28 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 23.55, 50 SMA 23.57, 100 SMA @ 23.69 and 200 SMA @ 22.88.

The previous day high was 25.27 while the previous day low was 24.71. The daily 38.2% Fib levels comes at 24.92, expected to provide resistance. Similarly, the daily 61.8% fib level is at 25.06, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 24.56, 24.36, 24.0
• Pivot resistance is noted at 25.11, 25.47, 25.67

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