The price of silver has increased following the release of lower-than-expected US JOLTS Job Openings data, which recorded a figure of 8.827 million compared to the anticipated 9.465 million.
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- Silver price strengthens after US JOLTS Job Openings were recorded lower at 8.827M vs. expectations of 9.465M.
The pair currently trades last at 24.653.
The previous day high was 24.36 while the previous day low was 24.05. The daily 38.2% Fib levels comes at 24.17, expected to provide support. Similarly, the daily 61.8% fib level is at 24.24, expected to provide support.
Silver price (XAG/USD) strengthens as the United States Bureau of Labor Statistics reported significantly lower fresh Job Openings in July. US firms invited fresh applications for 8.827M vacancies against June’s reading of 9.165M while investors anticipated 9.465M openings. This indicates that the hiring process has slowed down.
The US Dollar Index (DXY) comes under extreme pressure and drops vertically to near 103.80 as investors hope that labor market conditions are losing resilience.
Meanwhile, the S&P500 opens on a positive note despite the cautionary market mood ahead of the Automatic Data Processing (ADP) Employment Change data for August, which will be released on Wednesday at 12:15.
The economic data will provide cues about the status of the labor market. Robust talent acquisition could allow the Federal Reserve (Fed) to keep doors open for further policy tightening. The significance of August labor market data is very high as Fed Chair Jerome Powell conveyed that further policy action will be data-dependent.
Silver price comes out of the consolidation forms in a narrow range around $24.40, demonstrating an inventory shift phase after a rally. The white metal forms a Bullish Flag chart pattern, which is a trend-following pattern. Upward-sloping 50-period Exponential Moving Average (EMA) continues to provide support to the Silver price.
A confident move into the bullish range of 60.00-80.00 by the Relative Strength Index (RSI) (14) will activate the upside impulse.
Technical Levels: Supports and Resistances
XAGUSD currently trading at 24.32 at the time of writing. Pair opened at 24.23 and is trading with a change of 0.37 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 24.32 |
| 1 | Today Daily Change | 0.09 |
| 2 | Today Daily Change % | 0.37 |
| 3 | Today daily open | 24.23 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 23.29, 50 SMA 23.53, 100 SMA @ 23.97 and 200 SMA @ 23.37.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 23.29 |
| 1 | Daily SMA50 | 23.53 |
| 2 | Daily SMA100 | 23.97 |
| 3 | Daily SMA200 | 23.37 |
The previous day high was 24.36 while the previous day low was 24.05. The daily 38.2% Fib levels comes at 24.17, expected to provide support. Similarly, the daily 61.8% fib level is at 24.24, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 24.07, 23.9, 23.76
- Pivot resistance is noted at 24.38, 24.52, 24.68
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 24.36 |
| Previous Daily Low | 24.05 |
| Previous Weekly High | 24.38 |
| Previous Weekly Low | 22.67 |
| Previous Monthly High | 25.27 |
| Previous Monthly Low | 22.52 |
| Daily Fibonacci 38.2% | 24.17 |
| Daily Fibonacci 61.8% | 24.24 |
| Daily Pivot Point S1 | 24.07 |
| Daily Pivot Point S2 | 23.90 |
| Daily Pivot Point S3 | 23.76 |
| Daily Pivot Point R1 | 24.38 |
| Daily Pivot Point R2 | 24.52 |
| Daily Pivot Point R3 | 24.68 |
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