Silver Price Analysis: XAG/USD declines following global PMI surveys

XAG/USD dropped for a third consecutive day below $24.50, bullish cross between the 20 and 100-day SMA.
German and British yields dropped following weak local PMIs, while Americans rose somewhat.
All eyes on Fed, ECB and BoJ decisions this week.

Patricio Martín FXStreet

At the start of the week, the XAG/USD Silver spot price lost ground as the USD recovery made the grey metal struggle to find demand. The sessions highlights were American and European PMI surveys before the focus shifted to the main central bank monetary policy decisions this week.

German and British Manufacturing and Services PMIs came in lower than expected, while the American indexes came in mixed. The Manufacturing PMI from the US rose to 49 vs the 46.4 expected and the previous 46.3, while the Services Index dropped to 52.4, lower than the 54 expected and the last figure of 54.5.

As a reaction, The US Dollar index (DXY) is trading with gains above 101.00, with American yields seeing little movement. The 2-year yield rose to 4.85%, while the 5 and 10-year rates stand at 4.12% and 3.85%, with mild increases. For Wednesday’s Federal Reserve (Fed) decision, markets expect a 25 basis point announcement but continue to bet on little odds of another hike past July. In that sense, the monetary policy statement followed by Chair Powell’s presser will be closely watched for clues regarding forward guidance.

Regarding Thursday's European Central Bank (ECB) decision, markets expect a 25 bps hike, while on Friday, investors see the Bank of Japan (BoJ) maintaining its dovish stance.

XAG/USD levels to watch

According to the daily chart, the technical outlook for the XAG/USD is bearish for the short term as indicators took a big hit in the previous sessions. However, traders should eye the 20 and 100-day Simple Moving Average (SMA) movements as they are about to perform a bullish cross at the $23.75 area, which could provide vital support to the grey metal.

Support levels: $24.15, $24.00, $23.75.
Resistance levels: $24.50, $25.00, $25.30.

XAG/USD Daily chart

XAG/USD

Overview
Today last price	24.41
Today Daily Change	-0.19
Today Daily Change %	-0.77
Today daily open	24.6

Trends
Daily SMA20	23.66
Daily SMA50	23.58
Daily SMA100	23.73
Daily SMA200	22.91

Levels
Previous Daily High	24.92
Previous Daily Low	24.59
Previous Weekly High	25.27
Previous Weekly Low	24.59
Previous Monthly High	24.53
Previous Monthly Low	22.11
Daily Fibonacci 38.2%	24.72
Daily Fibonacci 61.8%	24.79
Daily Pivot Point S1	24.49
Daily Pivot Point S2	24.38
Daily Pivot Point S3	24.16
Daily Pivot Point R1	24.82
Daily Pivot Point R2	25.03
Daily Pivot Point R3	25.15

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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