Silver price shows modest recovery from a one-month low to the $23.00 mark, but technical indicators signal a bearish trend. Breakdown below $23.30 and the 200-day SMA has set the stage for further declines. Immediate barriers and resistance levels have been identified, with a pivotal point at $24.00. A decisive move beyond this mark could reverse the trend. Overall, the outlook for silver remains vulnerable and cautious for bullish investors.
Considering the current market conditions and the factors influencing the XAG/USD pair, it is recommended to closely monitor upcoming events, particularly the US labor market data and Nonfarm Payrolls report. These indicators will likely provide further insights into the Fed’s future monetary policy decisions. Based on the analysis, it would be prudent to exercise caution and await confirmation of a sustained breakout above the resistance levels mentioned earlier before considering a buying position. As always, it is advisable to conduct thorough research and consult with a qualified financial advisor before making any investment decisions.