Silver Price Analysis: XAG/USD bounces off six-week-long support line, $23.75 checks bulls on US NFP day

Silver Price snaps three-day losing streak by recovering from 1.5-month-old rising support line.
Convergence of 50-DMA, 38.2% Fibonacci retracement challenges XAG/USD buyers.
200-DMA, $23.00 appear tough nuts to crack for Silver bears during further downside.
Firmer US NFP can trigger XAG/USD retreat but sellers have a bumpy road to travel.

Anil Panchal FXStreet

Silver Price (XAG/USD) prints the first daily gains in four as it rebounds from the lowest level in three weeks amid early Friday in Asia. In doing so, the XAG/USD prints mild gains around $23.60 while bouncing off an upward-sloping support line from June 23.

Adding credence to the corrective bounce could be the US Dollar’s consolidation ahead of the US employment report for June.

Also read: Forex Today: A cautions tone ahead of NFP

However, a convergence of the 50-DMA and 38.2% Fibonacci retracement of the metal’s March-May upside, near $23.75, appears the key upside hurdle to watch during the further recovery of the Silver Price.

Even if the precious metal manages to cross the $23.75 hurdle, the late July swing low of around $24.05 and June’s peak of near $24.55 can act as additional upside filters before giving control to the XAG/USD buyers.

Following that, July’s high of around $25.30 will be the last defense of the Silver sellers before challenging the yearly peak of near $26.15 marked in May.

On the flip side, a daily closing beneath the stated immediate support line, close to $23.45 at the latest, won’t provide open invitations to the Silver bears as the 200-DMA can prod a further downside near $23.15.

In a case where the XAG/USD remains bearish past $23.15, an ascending trend line from March and a 50% Fibonacci retracement together highlight the $23.00 round figure as the key support to watch for bears.

Silver Price: Daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	23.61
Today Daily Change	-0.12
Today Daily Change %	-0.51%
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

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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