Silver Price Analysis: XAG/USD recovers some ground as doji emerges and is subject to remaining subdued

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.

Christian Borjon Valencia FXStreet

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

XAG/USD

Overview
Today last price	23.58
Today Daily Change	0.01
Today Daily Change %	0.04
Today daily open	23.57

Trends
Daily SMA20	24.32
Daily SMA50	23.72
Daily SMA100	24.03
Daily SMA200	23.15

Levels
Previous Daily High	23.84
Previous Daily Low	23.41
Previous Weekly High	25.15
Previous Weekly Low	24.04
Previous Monthly High	25.27
Previous Monthly Low	22.52
Daily Fibonacci 38.2%	23.57
Daily Fibonacci 61.8%	23.68
Daily Pivot Point S1	23.37
Daily Pivot Point S2	23.17
Daily Pivot Point S3	22.94
Daily Pivot Point R1	23.81
Daily Pivot Point R2	24.04
Daily Pivot Point R3	24.24

Author

Christian Borjon Valencia

FXStreet

Christian Borjon began his career as a retail trader in 2010, mainly focused on technical analysis and strategies around it. He started as a swing trader, as he used to work in another industry unrelated to the financial markets.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD falls toward 1.1700 on broad USD recovery

EUR/USD turns south and declines toward 1.1700 on Wednesday. The US Dollar gathers recovery momentum and forces the pair to stay on the back foor, as traders look to USD short-covering ahead of US inflation report on Thursday. However, the downside could be capped by hawkish ECB expectations.

GBP/USD trades deep in red below 1.3350 after soft UK inflation data

GBP/USD stays under strong selling pressure midweek and trades below 1.3350. The UK annual headline and core CPI rose by 3.2% each, missing estimates of 3.5% and 3.4%, respectively, reaffirming dovish BoE expectations and smashing the Pound Sterling across the board ahead of Thurday's BoE policy announcements.

Gold clings to moderate daily gains above $4,300

Following Tuesday's volatile action, Gold regains its traction on Wednesday and trades in positive territory above $4,300. While the buildup in the USD recovery momentum caps XAU/USD's upside, the cautious market stance helps the pair hold its ground.