Silver Price Analysis: Bulls step up following negative data from the US

XAG/USD dropped to a daily low of around $23.37, but the bulls managed to push the price back to $23.60.
The USD retreated following weak Services and Labour market data.
Still, US Treasury yields will limit the metal’s advance.

Patricio Martín FXStreet

The XAG/USD silver’s spot price traded soft on Thursday but cleared daily losses. The USD reversed following soft Services PMI, allowing the metal to gain ground but rising US yields may limit the Greenback’s losses.

Investors digest Services sector data from the US. Eyes on NFPs

In July, the US Services sector showed weakness, with the S&P index and the Institute Supply Management (ISM) figures coming in lower than expected. In addition, Labour market data also displayed mixed signals along the week, with ADP figures coming above expectations on Wednesday and Jobless Claims accelerating in the last week of July. That being said, Friday Nonfarm Payrolls (NFPs) will provide investors a clearer outlook on the sector's performance, wage inflation, and unemployment figures, which will model the expectations regarding the next Federal Reserve (Fed) decisions.

US Treasury yields, often considered the opportunity cost of holding metals, retreated but hold to a daily increase. The 2-year yield stands at 4.88% while the 5 and 10-year rates are at 4.29% and 4.18%, with both tallying significant advances of 1.37% and 2.62%, respectively, which seem to cushion the USD’s losses. Regarding the following Fed decisions, the odds of a hike in September remain low, while the probability of an increase in November stands around 30%, according to the CME FedWatch tool.

XAG/USD Levels to watch

Analysing the daily chart, the XAG/USD technical outlook is bearish in the short term. The Relative Strength Index (RSI) is comfortably positioned below its midline in negative territory, further supported by a bearish signal from the Moving Average Convergence Divergence (MACD), displaying red bars, underscoring the growing bearish momentum. Moreover, the metal’s price is below the 20 and 100-day Simple Moving Averages (SMAs), but above the 200-day SMA, suggesting that the downside may be limited.

Support levels: $23.30,$23.15 (200-day SMA), $23.00.

Resistance levels. $24.00 (100-day SMA), $24.27 (20-day SMA), $24.50.

XAG/USD Daily chart

XAG/USD

Overview
Today last price	23.62
Today Daily Change	-0.11
Today Daily Change %	-0.46
Today daily open	23.73

Trends
Daily SMA20	24.28
Daily SMA50	23.7
Daily SMA100	24.01
Daily SMA200	23.13

Levels
Previous Daily High	24.49
Previous Daily Low	23.64
Previous Weekly High	25.15
Previous Weekly Low	24.04
Previous Monthly High	25.27
Previous Monthly Low	22.52
Daily Fibonacci 38.2%	23.97
Daily Fibonacci 61.8%	24.17
Daily Pivot Point S1	23.42
Daily Pivot Point S2	23.11
Daily Pivot Point S3	22.57
Daily Pivot Point R1	24.26
Daily Pivot Point R2	24.8
Daily Pivot Point R3	25.11

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

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