The price of silver at #XAGUSD is currently at 22.411 and is looking for some immediate support as the US Dollar gains strength following positive Retail Sales data.

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• Silver price seeks intermediate support as the US Dollar strengthens after upbeat Retail Sales data.

The pair currently trades last at 22.411.

The previous day high was 23.1 while the previous day low was 22.74. The daily 38.2% Fib levels comes at 22.88, expected to provide resistance. Similarly, the daily 61.8% fib level is at 22.96, expected to provide resistance.

Silver price (XAG/USD) demonstrated a volatile action after the United Census Bureau reported that Retail Sales data outperformed expectations. The white metal seeking a cushion near $22.40 but the outlook seems vulnerable as strong consumer spending momentum has boosted consumer inflation expectations.

Retail Sales for August expanded at a higher pace of 0.6% vs. estimates of 0.2% and July’s reading of 0.5%. The economic data excluding automobiles rose at a slightly slower pace of 0.6% vs. the former reading of 0.7% while investors anticipated a 0.2% pace.

Along with, the US Department of Labor showed that individuals claiming jobless benefits for the first time rose by 220K while investors anticipated higher jobless claims at 225K. In the previous week, jobless benefits were recorded at 216K. Jobless claims remained higher than the prior week’s figures after declining straight for five weeks.

The US Dollar Index (DXY) prints a fresh six-month high at 105.30 as strong retail demand could elevate consumer inflation expectations and encourage Federal Reserve (Fed) policymakers to deepen discussions about one more interest rate increase in the remaining year. The 10-year US Treasury yields rose sharply to 2.28%.

Silver price forms a Head and Shoulder chart pattern on a daily scale, which is a trend reversal pattern. The neckline of the aforementioned chart pattern is plotted from June low around 22.18. A declining 20-period Exponential Moving Average (EMA) indicates that the short-term trend is bearish.

The Relative Strength Index (RSI) (14) shifts into the bearish range of 20.00-40.00, which indicates that the downside impulse has strengthened.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 22.36 at the time of writing. Pair opened at 22.84 and is trading with a change of -2.1 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 23.63, 50 SMA 23.74, 100 SMA @ 23.78 and 200 SMA @ 23.48.

The previous day high was 23.1 while the previous day low was 22.74. The daily 38.2% Fib levels comes at 22.88, expected to provide resistance. Similarly, the daily 61.8% fib level is at 22.96, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 22.69, 22.54, 22.34
• Pivot resistance is noted at 23.04, 23.24, 23.39

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