The price of silver, also known as XAGUSD, decreases sharply after the US ADP releases a report indicating that 324,000 new jobs were added to the economy in July, surpassing expectations of 189,000.

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]

• Silver price drops vertically as US ADP reports fresh additions of 324K payrolls in July vs. estimates of 189K.

The pair currently trades last at 24.121.

The previous day high was 24.76 while the previous day low was 24.13. The daily 38.2% Fib levels comes at 24.37, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.52, expected to provide resistance.

Silver price (XAG/USD) falls back swiftly after a short-lived pullback near $24.45 in the early New York session. The white metal faces a significant sell-off as the additions of fresh private payrolls in the United States labor market were higher than expectations in July.

The Automatic Data Processing (ADP) agency of the US economy reported that fresh 324K individuals were recruited in July while investors were anticipating employment of 189K. Strong demand for labor by US private sector indicates that inflationary pressures could rebound ahead. This has also set a positive undertone for the Nonfarm Payrolls (NFP) data, which will be published on Friday at 12:30 GMT.

The Federal Reserve (Fed) said in the monetary policy statement that further policy action will be highly data-dependent. And now, a tight labor market along with stellar Q2 Gross Domestic Product (GDP) performance could consider one more interest rate hike from the Fed.

Meanwhile, the US Dollar Index (DXY) climbs above the crucial resistance of 102.40 amid negative market sentiment. S&P500 is expected to open on a negative note following bearish sentiment from overnight futures. US equities are expected to remain under pressure as Fitch downgraded the US economy amid concerns over rising fiscal spending.

Silver price is maintaining a lower high formation on an hourly scale, which indicates that investors are capitalizing pullbacks as selling opportunities. The asset could deliver further downside if it drops below the horizontal support plotted from July 27 low around $24.00.

The 200-period Exponential Moving Average (EMA) at $24.50 is acting as a barricade for the Silver bulls.

Meanwhile, the Relative Strength Index (RSI) (14) slips into the bearish range of 20.00-40.00m indicating an activation of the downside momentum.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 24.15 at the time of writing. Pair opened at 24.3 and is trading with a change of -0.62 % .

The pair is trading below its 20 Daily moving average @ 24.25, above its 50 Daily moving average @ 23.69 , above its 100 Daily moving average @ 23.99 and above its 200 Daily moving average @ 23.11

The previous day high was 24.76 while the previous day low was 24.13. The daily 38.2% Fib levels comes at 24.37, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.52, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 24.03, 23.76, 23.4
• Pivot resistance is noted at 24.67, 25.03, 25.3

[/s2If]
Download Nehcap EAWe have two EAs that are operational on our LIVE accounts.

1. EA-FIX: Check out the details here. Download EA-FIX . EA-FIX is a non-grid HFT scalper.
2. EA-GROWTH: High quality low dd EA using trend grids. Download EA_GROWTHJoin Our Telegram Group

Share this:

• Facebook
• X

Like this:

Like Loading...