The XAGUSD pair finishes the week with small improvements, reaching around $25.00, as it achieves its sixth consecutive day of gains.

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• The XAG/USD closes the week with slight gains near the $25.00 area, tallying a six-day winning streak.

The pair currently trades last at 24.990.

The previous day high was 24.89 while the previous day low was 24.1. The daily 38.2% Fib levels comes at 24.58, expected to provide support. Similarly, the daily 61.8% fib level is at 24.4, expected to provide support.

In Friday’s session, the XAG/USD stands with gains near the $25.00 psychological resistance. Despite US Treasury yields recovering, the precious metal stays resilient while the USD managed to stop the bleeding, still closing its worst week in 2023.

The XAG/USD gained interest due to falling yields during the week. As the US reported that the Core Consumer Price Index (CPI) from the US from June, dropped to 4.8% YoY in June, while the Core Producer Price Index (PPI) slid to 2.6% YoY in the same period, investors started to bet on a less-aggressive Federal Reserve.

As for now, according to the CME FedWatch tool, markets have priced in a 25 basis point (bps) hike in the next Fed meeting in July, but the odds of another hike in 2023 lowered to around 20% vs 40% at the start of the week. In that sense, US yields sharply declined, and as they could be seen as the opportunity cost of holding the non-yielding grey metal, the price rallied.

To close the week, the US yields recovered with more than 1% increases, but the 2, 5 and 10-year yields are set to close a week of more than 3% declines.

The daily chart suggests a positive outlook for the XAG/USD, but after six consecutive days of losses, the price will eventually correct downwards. As for now, the Relative Strength Index (RSI) stands flat near overbought levels, while the Moving Average Convergence Divergence (MACD) seem to be running out of steam.

Resistance Levels: $25.10, $25.40, $26.00.
Support Levels: $23.95, $23.55 (100-day Simple Moving Average), $23.15 (20-day Simple Moving Average).

Technical Levels: Supports and Resistances

XAGUSD currently trading at 24.99 at the time of writing. Pair opened at 24.88 and is trading with a change of 0.44 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 23.12, 50 SMA 23.6, 100 SMA @ 23.49 and 200 SMA @ 22.75.

The previous day high was 24.89 while the previous day low was 24.1. The daily 38.2% Fib levels comes at 24.58, expected to provide support. Similarly, the daily 61.8% fib level is at 24.4, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 24.36, 23.83, 23.57
• Pivot resistance is noted at 25.15, 25.41, 25.93

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