The price of silver, indicated by #XAGUSD at 24.403, experiences significant fluctuations as investors closely analyze the US NFP report.

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• Silver price delivers a volatile action as investors carefully examine the US NFP report.

The pair currently trades last at 24.403.

The previous day high was 24.68 while the previous day low was 24.37. The daily 38.2% Fib levels comes at 24.49, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.56, expected to provide resistance.

Silver price (XAG/USD) demonstrates a volatile action above $24.50 as investors carefully examine the United States Nonfarm Payrolls (NFP) data for August. The US Bureau of Labor Statistics reported that fresh payrolls were 187K, outperformed estimates of 170K, and downwardly revised July’s reading of 157K.

The Unemployment Rate rose sharply to 3.8% vs. estimates and the former print of 3.5%. Monthly Average Hourly Earnings grew at a slower pace of 0.2% while investors anticipated a 0.3% pace in wage growth. In July, the labor cost index gained at a 0.4% pace. The annual Average Hourly Earnings decelerated nominally to 4.3% against the estimates and the former release of 4.4%.

Slower wage growth might offset the impact of higher-than-anticipated fresh payrolls, which would allow the Federal Reserve (Fed) to keep the interest rate policy unchanged on September 20. Meanwhile, investors still await the US ISM manufacturing PMI, which will be released at 14:00 GMT.

The US Dollar Index (DXY) drops marginally to near 103.40 as investors hope that slower wage growth will ease the consumer spending momentum and bring inflation under control. Also, 10-year US Treasury yields dropped to near 4.10%.

Silver price faces some selling pressure in its upside journey toward the horizontal resistance plotted from the July 20 high around $25.27 on a two-hour scale. Upward-sloping 20-period Exponential Moving Average (EMA) continues to provide support to the Silver bulls.

The Relative Strength Index (RSI) (14) drops into the 40.00-60.00 range from the bullish range of 60.00-80.00, which indicates that the upside momentum has faded.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 24.54 at the time of writing. Pair opened at 24.41 and is trading with a change of 0.53 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 23.4, 50 SMA 23.65, 100 SMA @ 23.95 and 200 SMA @ 23.42.

The previous day high was 24.68 while the previous day low was 24.37. The daily 38.2% Fib levels comes at 24.49, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.56, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 24.29, 24.18, 23.98
• Pivot resistance is noted at 24.6, 24.8, 24.91

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