- Silver (XAG/USD) stages a modest recovery after July’s US jobs data missed estimates, trading at $23.57, bouncing off the 200-day EMA at $23.18.
- Technical outlook shifts to neutral-upward bias, as the metal remains above the 200-day EMA and July 6 low of $22.53.
- Key resistance lies at the 100-day EMA at $23.67, followed by the 50 and 20-day EMAs at $23.90 and $24.07 respectively. Support is found at the 200-day EMA and $23.00 mark.
Silver price is staging a slight recovery on Friday after US jobs data for July missed estimates, spurring XAG/USD’s bounce at around the 200-day Exponential Moving Average (EMA) at $23.18 a troy ounce as US Treasury bond yields tank. The XAG/USD is exchanging hands at $23.57 after hitting a daily low of $23.23.
XAG/USD Price Analysis: Technical outlook
From a technical perspective, XAG/USD bias shifted to neutral biased as long as buyers keep prices from diving below the 200-day EMA and above the July 6 low of $22.53. Even though XAG/USD is trimming some losses, It remains subject to further selling pressure, with the 100-day EMA at $23.67 capping any Silver’s rallies and the Relative Strength Index (RSI) indicating that sellers remain in charge.
If XAG/USD reclaims the 100-day EMA, that will put into play two more daily EMAs acting as resistance, the 50 and the 20-day EMAs, each at $23.90 and $24.07, respectively. Conversely, buyers’ failure at $23.67 could send the white metal slumping toward the 200-day EMA, ahead of challenging the $23.00 figure.
XAG/USD Price Action – Daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD climbs to fresh monthly high above 1.0800
EUR/USD gathered bullish momentum and advanced to its highest level in a month above 1.0800 in the American session on Tuesday. The renewed selling pressure surrounding the US Dollar ahead of Wednesday's key inflation data provides a boost to the pair.
GBP/USD rises toward 1.2600 on renewed USD weakness
After falling toward 1.2500 in the early American session, GBP/USD regained its traction and turned positive on the day above 1.2550. The US Dollar struggles to find demand following the producer inflation data and allows the pair to stretch higher.
Gold extends daily recovery toward $2,350
Following Monday's decline, Gold stages a rebound toward $2,350 on Tuesday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.5% after April producer inflation data, allowing XAU/USD to hold its ground.
Ethereum knocking at support’s door
Crypto market capitalisation rose 0.8% over the past 24 hours to 2.2 trillion, but growth exceeded 2% for most of the period. However, it dipped at the start of active European trading, temporarily returning to levels of a day ago.
PPI surprises on the upside, but CPI may not follow suit
US producer price data for April surprised on the upside, suggesting that inflation pressure at the start of the inflation pipeline could be building once again. Final demand PPI rose to 2.2% from 1.8%.