XAGUSD Surges on Dismal US Jobs Report Amid Depressed Dollar

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XAGUSD Price Analysis – September 5

Silver (XAG) is up 3.90 percent from the last session, assisted by the dismal NFP report, which came in below forecasts. XAGUSD reached $24.87, its highest level in a month, as per the technical analysis. The dollar stays depressed overall, extending weekly losses.

Key Levels
Resistance Levels: $26.00, $25.50, $25.00
Support Levels: $23.50, $22.87, $21.89
XAGUSD Long term Trend: Ranging
Long-term and mid-term bias is optimistic, and a climb towards $25.00 is expected if the broken $24.50 barrier level remains as support. On the other side, a break and closure below $24.50 would bring the $24.00 level back into focus. The pair is ranging and may go either way this week.

On the contrary, we’ll anticipate more downside below $24.50, with objectives of $24.00 and $23.50 on dollar’s strength. From a technical standpoint, a breakout south might happen in the next several trading days. In this instance, the XAGUSD exchange rate might find support at 23.50 percent and $23.00.
XAGUSD Short term Trend: Ranging
The recent breakout past $24.50 is expected to last through the coming trading sessions from a technical standpoint. In this case, the horizontal support level of $24.00 could provide support to the XAGUSD exchange rate in case of a retracement. The RSI stays overbought in the short term.

The pair is expected to find initial support at $24.50, however, further breach lower may go with a slide through taking it to the next support level of $24.00. On the positive, the pair is expected to hit its first level of resistance around $25.00, with a spike through taking it to $25.50.

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