The XAGUSD, currently at 24.401, has experienced a decline for three consecutive days, falling below the $24.50 mark. Additionally, there has been a positive signal as the 20-day and 100-day SMA have intersected in a bullish manner.

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• XAG/USD dropped for a third consecutive day below $24.50, bullish cross between the 20 and 100-day SMA.

The pair currently trades last at 24.401.

The previous day high was 24.92 while the previous day low was 24.59. The daily 38.2% Fib levels comes at 24.72, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.79, expected to provide resistance.

At the start of the week, the XAG/USD Silver spot price lost ground as the USD recovery made the grey metal struggle to find demand. The sessions highlights were American and European PMI surveys before the focus shifted to the main central bank monetary policy decisions this week.

German and British Manufacturing and Services PMIs came in lower than expected, while the American indexes came in mixed. The Manufacturing PMI from the US rose to 49 vs the 46.4 expected and the previous 46.3, while the Services Index dropped to 52.4, lower than the 54 expected and the last figure of 54.5.

As a reaction, The US Dollar index (DXY) is trading with gains above 101.00, with American yields seeing little movement. The 2-year yield rose to 4.85%, while the 5 and 10-year rates stand at 4.12% and 3.85%, with mild increases. For Wednesday’s Federal Reserve (Fed) decision, markets expect a 25 basis point announcement but continue to bet on little odds of another hike past July. In that sense, the monetary policy statement followed by Chair Powell’s presser will be closely watched for clues regarding forward guidance.

Regarding Thursday’s European Central Bank (ECB) decision, markets expect a 25 bps hike, while on Friday, investors see the Bank of Japan (BoJ) maintaining its dovish stance.

According to the daily chart, the technical outlook for the XAG/USD is bearish for the short term as indicators took a big hit in the previous sessions. However, traders should eye the 20 and 100-day Simple Moving Average (SMA) movements as they are about to perform a bullish cross at the $23.75 area, which could provide vital support to the grey metal.

Support levels: $24.15, $24.00, $23.75.
Resistance levels: $24.50, $25.00, $25.30.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 24.41 at the time of writing. Pair opened at 24.6 and is trading with a change of -0.77 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 23.66, 50 SMA 23.58, 100 SMA @ 23.73 and 200 SMA @ 22.91.

The previous day high was 24.92 while the previous day low was 24.59. The daily 38.2% Fib levels comes at 24.72, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.79, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 24.49, 24.38, 24.16
• Pivot resistance is noted at 24.82, 25.03, 25.15

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