The XAGUSD, currently valued at 24.813, experienced a surge of over 1% and significantly increased in proximity to the $24.70 mark.

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• XAG/USD rose more than 1% and jumped near $24.70.

The pair currently trades last at 24.813.

The previous day high was 24.41 while the previous day low was 24.09. The daily 38.2% Fib levels comes at 24.29, expected to provide support. Similarly, the daily 61.8% fib level is at 24.21, expected to provide support.

On Monday, the XAG/USD saw significant gains, mainly by a positive market mood and a relatively weak USD. That being said, markets may see volatility during the week as the US will release key labour market data that will affect the bets on the next Federal Reserve (Fed) decisions.

According to the consensus, July saw a decline in job creation, while hourly wages and the unemployment rate held steady. In that, the direction of the US labour market will be crucial for investors, as Chair Powell noted last week that the decision to set the next interest rate will only be based on new data. In addition, he added that to normalise inflation, the Fed expects “some” softening of the labour market.

The JOLTs Job Opening report will be released on Tuesday, and the ADP employment change report will be released on Wednesday. New jobless claims data will be released on Thursday, and the Non-Farm Payrolls (NFP) report on Friday, the primary week’s highlight.

As for now, according to World Interest Rate Possibilities (WIRP) tool, the markets are currently pricing in a 25% chance of a 25 bps hike in the September meeting and a 40% chance of a 25 bps hike in November. However, those expectations may see significant changes this week, which could fuel volatility in bond markets and hence in the price dynamics of the precious metals.

Based on the daily chart, the XAG/USD appears to be bullish in the short term, as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) suggest that the buyers have control as they stand in positive territory. Additionally, the pair is above the
20,100,200-day SMAs, highlighting the continued dominance of bulls on a broader scale.

Resistance levels: $24.90,$25.00, $25.30.
Support levels: $24.30, $24.15 (20-day SMA), $24.00.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 24.8 at the time of writing. Pair opened at 24.35 and is trading with a change of 1.85 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 24.09, 50 SMA 23.65, 100 SMA @ 23.93 and 200 SMA @ 23.06.

The previous day high was 24.41 while the previous day low was 24.09. The daily 38.2% Fib levels comes at 24.29, expected to provide support. Similarly, the daily 61.8% fib level is at 24.21, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 24.16, 23.97, 23.84
• Pivot resistance is noted at 24.48, 24.6, 24.79

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