XAGUSD | Will NFP shift the current trend of Silver prices?

Macro approach:

• Silver prices consolidated within a rebound as ceasefire progress and the US House vote against continuing escalation eased inflation and rate hike concerns.
• The weakness of the US dollar and oil prices lifted the metal yesterday, though Hezbollah’s rejection of the ceasefire may keep uncertainty elevated.
• Silver prices may hinge on Middle East developments and today’s NFP data.

Technical approach:

• XAGUSD broke the ascending trendline after rejecting both EMAs. The price is below both diverging EMAs, suggesting a potential shift to a downtrend.
• If XAGUSD breaks below the support at 71.20, it may decline toward the subsequent support at 64.50.
• Conversely, remaining above 71.20 may prompt a retest of both EMAs and the broken ascending