The volatility of silver price near $23.00 decreases as the US Dollar remains quiet.

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• Silver price volatility compresses near $23.00 while the US Dollar remains subdued.

The pair currently trades last at 23.135.

The previous day high was 23.19 while the previous day low was 22.83. The daily 38.2% Fib levels comes at 22.97, expected to provide support. Similarly, the daily 61.8% fib level is at 23.05, expected to provide support.

Silver price (XAG/USD) demonstrates a volatility squeeze near the crucial support of $23.00, following the footprints of the subdued US Dollar. The white metal struggles to find a direction as investors turn baffled between rising hopes of the Federal Reserve’s (Fed) soft landing and resilient US dollar due to deepening global uncertainties.

The S&P500 opens on a positive note as investors start digesting fears of global economic shakedown due to rising interest rates by central banks. The US Dollar Index (DXY) turns sideways around 105.00 after a stalwart rally. More upside remains favored on hopes that the US economy is approaching to golden path.

Chicago Fed Bank President Austan Goolsbee said the central bank is aiming to push the economy to a “golden path,” meaning a situation where inflation recedes without triggering a recession. While strong wage growth is still a major concern for the Fed as higher disposable income could elevate inflationary pressures.

Meanwhile, investors await the US Consumer Price Index (CPI) data for August, which will be published on Wednesday at 12:30. Investors will keenly watch core inflation data as it has remained extremely stubborn due to strong consumer spending momentum.

Silver price consolidates below the 61.8% Fibonacci retracement (plotted from August 15 low at $22.23 to August 30 high at $25.00) at $23.30 on an hourly scale. The 50-period Exponential Moving Average (EMA) at $23.13 continues to act as a barricade for the Silver price bulls.

The Relative Strength Index (RSI) (14) shifts into the 40.00-60.00 range from the bearish range of 20.00-40.00, which indicates that the bearish momentum has faded. While the bearish bias has not faded yet.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.1 at the time of writing. Pair opened at 22.96 and is trading with a change of 0.61 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 23.55, 50 SMA 23.74, 100 SMA @ 23.86 and 200 SMA @ 23.47.

The previous day high was 23.19 while the previous day low was 22.83. The daily 38.2% Fib levels comes at 22.97, expected to provide support. Similarly, the daily 61.8% fib level is at 23.05, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 22.8, 22.64, 22.44
• Pivot resistance is noted at 23.16, 23.35, 23.51

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