Silver Price Analysis: XAG/USD hovers around $20.00 ahead of US NFP

• Silver remains firm at around $20.00 a troy ounce, ahead of essential US data.
• XAG/USD Price Analysis: Despite consolidating around $20.00, the bias is still downwards.

Silver price continues to trade sideways on Thursday, amidst the lack of a catalyst, ahead of the release of crucial US economic data. The US Nonfarm Payrolls report for February looming keeps investors risk averse, as shown by US equities and emerging market currencies, with the Mexican Peso (MXN) weakening. At the time of writing, the XAG/USD is trading at $20.05, up 0.19%.

XAG/USD Price action

XAG/USD remained firm during the day, unable to crack the top/bottom of the $19.98-$20.28 range. Nevertheless, traders should know Silver stumbled below the 200-day Exponential Moving Average (EMA) at $21.80, so the white metal is downward biased. Notable, the 50-day EMA is closing to the 200-day EMA, and once it crosses below the latter, a death cross would exacerbate a fall toward the November 3 daily low at $18.84.

But firstly, XAG/USD needs to clear the YTD low at $19.92. A breach of the latter will expose the $19.00 psychological level, followed by the November 3 daily low at $18.84.

As an alternate scenario, the XAG/USD first resistance would be the daily high of $20.06. Once cleared, the next resistance level would be the February 28 daily low-turned resistance at $20.43, followed by the November 28 daily low-turned resistance at $20.87.

XAG/USD Daily chart

XAG/USD Technical levels