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Silver Trails Behind as Industrial Pressure Mounts
Silver (XAG/USD) is trading at $33.28, having touched a session low of $33.07. Despite gold’s upward momentum, silver’s response has been more restrained, weighed down by its industrial use case.
With growth forecasts under pressure, traders remain cautious on silver exposure. The metal continues to trade below the key pivot of $33.49, limiting upside prospects in the near term.
Rate Cut Odds Rise as Treasury Yields Slide
Markets are now pricing in a 70% chance of a Federal Reserve rate cut in June, according to CME FedWatch. The 10-year Treasury yield dropped to 4.15%, driven by fears that tariff-driven weakness could prompt the Fed to act.
A weaker U.S. dollar—pressured by falling yields—has further supported gold, making it more attractive to non-dollar holders.
Jobs Data Overlooked as Eyes Turn to NFP
The ADP employment report surprised to the upside with 155,000 jobs added, exceeding the 105,000 forecast. However, markets shrugged it off, focusing instead on upcoming data. Weekly jobless claims, ISM Services PMI, and especially Friday’s Nonfarm Payrolls report are now in focus as traders weigh how deeply tariffs could impact the broader economy.
Short-Term Forecast
Gold remains bullish above $3,116 amid rising Fed cut bets and trade risks. Silver faces pressure below $33.49, with momentum tilted bearish unless key resistance levels are reclaimed.
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