Silver Price Analysis: XAG/USD bears approach $22.50 support ahead of US NFP

Silver Price remains on the back foot within a fortnight-old bullish channel.
Downbeat oscillators suggest rejection of bullish chart pattern but XAG/USD sellers need validation from $22.00.
Convergence of 200-SMA, two-month-old descending resistance line and stated channel’s top line prods Silver bulls.
Mixed clues for US employment data highlight US NFP release and its market implications.

Anil Panchal FXStreet

Silver Price (XAG/USD) remains pressured around $22.70 amid early Friday in Asia, after falling the most in two weeks, as well as snapping a four-day uptrend, the previous day.

Also read: US June Nonfarm Payrolls Preview: Analyzing Gold price's reaction to NFP surprises

In doing so, the XAG/USD seesaws within a fortnight-old bullish channel, approaching the bottom line of the bullish chart formation of late.

Given the bearish MACD signals and the downbeat RSI (14), not oversold, the Silver price is likely to reject the bullish channel by breaking the $22.50 support. However, the previous monthly low of around $22.20 precedes the $22.00 round figure to challenge the XAG/USD bears afterward.

It’s worth noting that the recent positioning for the US employment data for June will allow the XAG/USD traders to lick their wounds.

The same highlights the 100-SMA hurdle of $23.05 as immediate resistance to watch for the Silver buyers.

However, a convergence of the 200-SMA, downward-sloping resistance line from early March and the aforementioned rising channel’s top line, close to $23.30-35 at the latest, appears a tough nut to crack for the Silver buyers to crack for taking control.

Overall, Silver Price is likely to decline further but the south run appears long and bumpy.

Silver Price: Four-hour chart

Trend: Limited downside expected

Additional important levels

Overview
Today last price	22.7
Today Daily Change	-0.02
Today Daily Change %	-0.09%
Today daily open	22.72

Trends
Daily SMA20	23.2
Daily SMA50	23.78
Daily SMA100	23.39
Daily SMA200	22.66

Levels
Previous Daily High	23.26
Previous Daily Low	22.52
Previous Weekly High	23.1
Previous Weekly Low	22.28
Previous Monthly High	24.53
Previous Monthly Low	22.11
Daily Fibonacci 38.2%	22.8
Daily Fibonacci 61.8%	22.98
Daily Pivot Point S1	22.41
Daily Pivot Point S2	22.1
Daily Pivot Point S3	21.68
Daily Pivot Point R1	23.14
Daily Pivot Point R2	23.57
Daily Pivot Point R3	23.87

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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