Silver price edged higher on Friday, though it retreated after hitting a two-day high of $23.51 after the release of mixed data from the US. A stronger-than-expected jobs report and a jump in factory orders suggest the economy remains robust. Nevertheless, business activity slowed sharply, approaching recessionary levels. At the time of writing, XAG/USD is trading at $23.12, gaining 0.63%. The XAG/USD daily chart portrays the grey metal as neutral-biased.

The 50, 100, and 200-day moving averages (DMAs) are flat, suggesting there’s indecision among traders. If buyers reclaim the 100-DMA at $23.30, that could pave the way for challenging the confluence of the 50 and 200-DMAs around $23.65. A decisive break would expose the $24.00 figure. On the other hand, if XAG/USD sellers step in and drag prices from around current levels below $23.00, that would exacerbate a test of the January 4 low of $22.69. Once surpassed, sellers could challenge December’s 13 low of $22.51.