The XAGUSD pair, which represents the price of silver, experienced a slight rebound following the release of underwhelming US jobs data for July. It is now trading at $23.57, having bounced back from the 200-day exponential moving average (EMA) support level at $23.18.
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- Silver (XAG/USD) stages a modest recovery after July’s US jobs data missed estimates, trading at $23.57, bouncing off the 200-day EMA at $23.18.
The pair currently trades last at 23.588.
The previous day high was 23.84 while the previous day low was 23.41. The daily 38.2% Fib levels comes at 23.57, expected to provide support. Similarly, the daily 61.8% fib level is at 23.68, expected to provide resistance.
Silver price is staging a slight recovery on Friday after US jobs data for July missed estimates, spurring XAG/USD’s bounce at around the 200-day Exponential Moving Average (EMA) at $23.18 a troy ounce as US Treasury bond yields tank. The XAG/USD is exchanging hands at $23.57 after hitting a daily low of $23.23.
From a technical perspective, XAG/USD bias shifted to neutral biased as long as buyers keep prices from diving below the 200-day EMA and above the July 6 low of $22.53. Even though XAG/USD is trimming some losses, It remains subject to further selling pressure, with the 100-day EMA at $23.67 capping any Silver’s rallies and the Relative Strength Index (RSI) indicating that sellers remain in charge.
If XAG/USD reclaims the 100-day EMA, that will put into play two more daily EMAs acting as resistance, the 50 and the 20-day EMAs, each at $23.90 and $24.07, respectively. Conversely, buyers’ failure at $23.67 could send the white metal slumping toward the 200-day EMA, ahead of challenging the $23.00 figure.
Technical Levels: Supports and Resistances
XAGUSD currently trading at 23.58 at the time of writing. Pair opened at 23.57 and is trading with a change of 0.04 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 23.58 |
| 1 | Today Daily Change | 0.01 |
| 2 | Today Daily Change % | 0.04 |
| 3 | Today daily open | 23.57 |
The pair is trading below its 20 Daily moving average @ 24.32, below its 50 Daily moving average @ 23.72 , below its 100 Daily moving average @ 24.03 and above its 200 Daily moving average @ 23.15
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 24.32 |
| 1 | Daily SMA50 | 23.72 |
| 2 | Daily SMA100 | 24.03 |
| 3 | Daily SMA200 | 23.15 |
The previous day high was 23.84 while the previous day low was 23.41. The daily 38.2% Fib levels comes at 23.57, expected to provide support. Similarly, the daily 61.8% fib level is at 23.68, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 23.37, 23.17, 22.94
- Pivot resistance is noted at 23.81, 24.04, 24.24
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 23.84 |
| Previous Daily Low | 23.41 |
| Previous Weekly High | 25.15 |
| Previous Weekly Low | 24.04 |
| Previous Monthly High | 25.27 |
| Previous Monthly Low | 22.52 |
| Daily Fibonacci 38.2% | 23.57 |
| Daily Fibonacci 61.8% | 23.68 |
| Daily Pivot Point S1 | 23.37 |
| Daily Pivot Point S2 | 23.17 |
| Daily Pivot Point S3 | 22.94 |
| Daily Pivot Point R1 | 23.81 |
| Daily Pivot Point R2 | 24.04 |
| Daily Pivot Point R3 | 24.24 |
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