Silver price is fluctuating around $22.70 as investors are anticipating the release of US NFP to gain more direction.

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• Silver price is oscillating around $22.70 as investors await US NFP for further guidance.

The pair currently trades last at 22.638.

The previous day high was 23.26 while the previous day low was 22.52. The daily 38.2% Fib levels comes at 22.8, expected to provide resistance. Similarly, the daily 61.8% fib level is at 22.98, expected to provide resistance.

Silver price (XAG/USD) is demonstrating back-and-forth moves around $22.70 in the early London session. The white metal is struggling to find direction as investors are awaiting the release of the United States Nonfarm Payrolls (NFP) data for further guidance.

S&P500 futures are displaying a lackluster performance in Europe. The 500-US stocks basket futures are failing to show recovery, which indicates that the market sentiment is bearish. The US Dollar Index (DXY) has extended its losses to near 103.00. The extent of the downside shows that the USD Index has surrendered its entire gains generated after the release of the upbeat US Automatic Data Processing (ADP) Employment report.

Considering strong cues from the US ADP report, US NFP is expected to remain upbeat. Contrarily, analysts at Credit Suisse expect payroll gains to slow to 190K in June, as in our view, all evidence points to a slower, but still historically robust, rate of job gains. We expect the unemployment rate to tick lower to 3.6%, while average hourly earnings should remain at 0.3% MoM.

Further action by the Federal Reserve (Fed) will be heavily based on the release of the employment gamut. For now, an interest rate hike by the Fed in July is likely as core inflation is still stubborn due to resilient demand.

Silver price is struggling to show a meaningful recovery despite finding strength near the lower portion of the Rising Channel chart pattern formed on a two-hour scale. The white metal has failed to sustain above the 200-period Exponential Moving Average (EMA) at $23.00, which indicates that the long-term trend is bearish.

The Relative Strength Index (RSI) (14) has slipped into the bearish range of 20.00-40.00, which indicates more weakness ahead.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 22.68 at the time of writing. Pair opened at 22.72 and is trading with a change of -0.18 % .

The pair is trading below its 20 Daily moving average @ 23.2, below its 50 Daily moving average @ 23.78 , below its 100 Daily moving average @ 23.39 and above its 200 Daily moving average @ 22.66

The previous day high was 23.26 while the previous day low was 22.52. The daily 38.2% Fib levels comes at 22.8, expected to provide resistance. Similarly, the daily 61.8% fib level is at 22.98, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 22.41, 22.1, 21.68
• Pivot resistance is noted at 23.14, 23.57, 23.87

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