Although the US Dollar is performing well, the price of silver at $22.800 is fluctuating within a small range below $23.00.
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- Silver price juggles in a narrow range below $23.00 despite strength in the US Dollar.
The pair currently trades last at 22.800.
The previous day high was 23.0 while the previous day low was 22.63. The daily 38.2% Fib levels comes at 22.86, expected to provide resistance. Similarly, the daily 61.8% fib level is at 22.77, expected to provide support.
Silver price (XAG/USD) continues to oscillate in a narrow range around $22.70 despite the United States Producer Price Index (PPI) growing at a higher pace than expected in July. The white metal looks vulnerable as the US Dollar jumps swiftly to near 102.80 despite hopes that the Federal Reserve (Fed) will keep interest rates steady in its September monetary policy.
S&P500 opened on a bearish note as a rise in US PPI could elevate the burden on households. Also, investors anticipating retaliation from Beijing as US President Joe Biden prohibits investments in some Chinese sensitive technologies.
US Bureau of Labor Statistics reported that monthly PPI grew at a healthy pace of 0.3% against expectations of 0.2%. The higher pace in the price elevation of goods and services at factory gates is due to a rebound in the cost of services at the fastest pace in nearly a year.
On Thursday, US inflation grew at a modest pace in July amid higher house rentals but was aligned with the Fed’s desired rate of 2%. Meanwhile, five-year Consumer Inflation Expectations for August softened marginally to 2.9% against the estimates and the former release of 3.0%.
Silver price consolidates in a narrow range of 22.60-23.00 on an hourly scale. The white metal struggles to find a direction despite the strength of the US Dollar. The 100-period Exponential Moving Average (EMA) at $22.90 is consistently acting as a barricade for the Silver bulls.
A 40.00-60.00 range oscillation by the Relative Strength Index (RSI) indicates a volatility contraction.
Technical Levels: Supports and Resistances
XAGUSD currently trading at 22.76 at the time of writing. Pair opened at 22.71 and is trading with a change of 0.22 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 22.76 |
| 1 | Today Daily Change | 0.05 |
| 2 | Today Daily Change % | 0.22 |
| 3 | Today daily open | 22.71 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 24.15, 50 SMA 23.68, 100 SMA @ 24.06 and 200 SMA @ 23.24.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 24.15 |
| 1 | Daily SMA50 | 23.68 |
| 2 | Daily SMA100 | 24.06 |
| 3 | Daily SMA200 | 23.24 |
The previous day high was 23.0 while the previous day low was 22.63. The daily 38.2% Fib levels comes at 22.86, expected to provide resistance. Similarly, the daily 61.8% fib level is at 22.77, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 22.56, 22.4, 22.18
- Pivot resistance is noted at 22.93, 23.15, 23.3
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 23.00 |
| Previous Daily Low | 22.63 |
| Previous Weekly High | 24.84 |
| Previous Weekly Low | 23.23 |
| Previous Monthly High | 25.27 |
| Previous Monthly Low | 22.52 |
| Daily Fibonacci 38.2% | 22.86 |
| Daily Fibonacci 61.8% | 22.77 |
| Daily Pivot Point S1 | 22.56 |
| Daily Pivot Point S2 | 22.40 |
| Daily Pivot Point S3 | 22.18 |
| Daily Pivot Point R1 | 22.93 |
| Daily Pivot Point R2 | 23.15 |
| Daily Pivot Point R3 | 23.30 |
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