Silver Price Analysis: XAG/USD sees modest uptick amid mixed US data

Silver advances 0.63% to $23.12, reacting to US employment strength and factory orders, countered by slowing business activity.
XAG/USD's potential bullish push towards $24.00 contingent on reclaiming the 100-DMA at $23.30.
Downside risks loom if Silver falls below $23.00, with targets at January 4 low of $22.69 and December 13 low of $22.51.

Christian Borjon Valencia FXStreet

Silver price edged higher on Friday, though it retreated after hitting a two-day high of $23.51 after the release of mixed data from the US. A stronger-than-expected jobs report and a jump in factory orders suggest the economy remains robust. Nevertheless, business activity slowed sharply, approaching recessionary levels. At the time of writing, XAG/USD is trading at $23.12, gaining 0.63%.

The XAG/USD daily chart portrays the grey metal as neutral-biased. The 50, 100, and 200-day moving averages (DMAs) are flat, suggesting there’s indecision among traders. If buyers reclaim the 100-DMA at $23.30, that could pave the way for challenging the confluence of the 50 and 200-DMAs around $23.65. A decisive break would expose the $24.00 figure.

On the other hand, if XAG/USD sellers step in and drag prices from around current levels below $23.00, that would exacerbate a test of the January 4 low of $22.69. Once surpassed, sellers could challenge December’s 13 low of $22.51.

XAG/USD Price Action – Daily Chart

XAG/USD Key Technical Levels

XAG/USD

Overview
Today last price	23.22
Today Daily Change	0.20
Today Daily Change %	0.87
Today daily open	23.02

Trends
Daily SMA20	23.75
Daily SMA50	23.66
Daily SMA100	23.31
Daily SMA200	23.67

Levels
Previous Daily High	23.07
Previous Daily Low	22.69
Previous Weekly High	24.49
Previous Weekly Low	23.54
Previous Monthly High	25.92
Previous Monthly Low	22.51
Daily Fibonacci 38.2%	22.93
Daily Fibonacci 61.8%	22.84
Daily Pivot Point S1	22.79
Daily Pivot Point S2	22.55
Daily Pivot Point S3	22.4
Daily Pivot Point R1	23.17
Daily Pivot Point R2	23.31
Daily Pivot Point R3	23.55

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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