XAG / USD Stable at $ 24.00 Following Better Than Expected US NFP Report

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  • XAG / USD rises for the second day in a row amid positive economic data from the United States.
  • The US dollar is falling, supported by falling US Treasury yields, precious metals are rising.
  • XAG / USD: A daily close above the 100 DMA opens the door at $ 25.00; otherwise, it could drop to $ 23.00.

La plata (XAG / USD) it advanced for the second day in a row, up 1.08% trading at $ 24.02 during the American session at the time of writing. Positive US employment data improves market sentiment, equity markets rise, while US Treasury yields decline, benefiting precious metals.

On Friday, the US Bureau of Labor Statistics (BLS) released its NFP report for October, which reported the creation of 531,000 new jobs added to the economy, up from the 425,000 expected by economists. Additionally, the unemployment rate fell to 4.6% from 4.7%, while labor force participation was unchanged.

The market reacted positively to the report, sending US equities to rebound as US T bond yields tumbled, with the benchmark 10-year note dropping six basis points sitting at 1,465% for the first time below the threshold of 1.50% from October 4.

As for the greenback, the US dollar index that measures the US dollar against six rivals falls about 0.06%, to 94.28, supported by falling US Treasury yields.

XAG / USD price forecast: Technical perspectives

On the daily chart, XAG / USD broke above the upper trend line of a bullish flag, approaching the 100-day moving average (DMA) at $ 24.18. Furthermore, the Relative Strength Index (RSI), a momentum indicator, is rising, at 57, with plenty of room, before reaching overbought conditions. A daily close above the 100 DMA could propel the price of silver towards the 2021 high of $ 24.85, followed by the possibility of a test of $ 25.00.

On the other hand, not breaking above the 100 DMA and staying above $ 24.00 could open the door for further losses. The first support would be the 50 DMA at $ 23.35, followed by $ 23.00.

Technical levels / Support and resistance levels

Overview
Today last price 24.09
Today’s Daily Change 0.29
Today daily change% 1.22
Today they open every day 23.8
Trends
Daily SMA20 23.65
SMA50 daily 23.39
SMA100 daily 24.24
SMA200 daily 25.44
Levels
Previous Daily High 24.04
Previous Daily Low 23.44
Previous weekly high 24.62
Previous Weekly Low 23.66
Previous monthly maximum 24.83
Previous Monthly Low 22
Daily Fibonacci 38.2% 23.81
Daily Fibonacci 61.8% 23.67
Daily Pivot Point S1 23.48
S2 daily pivot point 23.16
S3 Daily Pivot Point 22.88
R1 daily pivot point 24.08
Daily pivot point R2 24.36
R3 daily pivot point 24.68

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