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XAG/USD is currently trading at $23.8935 between a range of $23.8795 and $24.7329.

The price of precious metals is under pressure as the week gets going with all eyes looking ahead to the showdown in the Nonfarm Payrolls data.  

The expectations are high for  the data and this is testament to the rally in US yields and the US dollar this week so far.  

The US 10-year yield made  a fresh new cycle high of 1.7740% while traders await the US President Joe Biden who is  set to outline how he intends to pay for a $3 trillion to $4 trillion infrastructure plan on Wednesday.    

Additionally, increasing US  vaccinations and plans for a major stimulus package have stoked inflation expectations and lifted US  Treasury yields.

The US dollar 0.40% higher and breaking new positive territory scoring a high of 93.3540 having climbed from a low of 92.8810 as measured by the DXY index.  

Silver technical analysis

From a technical perspective, the price of silver is broke  out of sideways consolidation, embarking on fresh lows from within the late Feb bearish trend.

The technical environment remains  bearish but the price is now meeting daily support as the bears take on the bullish commitments from below the $24 level.  

On the daily chart, the price might be expected to correct from the support structure to at least test the 38.2% Fibonacci retracement that has a confluence with prior spike lows.