Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"[ad_1] Silver in Uncertain Waters Ahead of Job Numbers Silver (XAG\/USD) finds itself in volatile territory as traders anxiously await the U.S. non-farm payrolls report. Caught between a fluctuating U.S. dollar and bond yields, the precious metal showed modest gains on Friday following a nine-session slump. As of 07:00 GMT, it\u2019s trading at $20.96, a marginal decline of $0.03 or -0.15%. Rate Hikes and Labor Market The ever-tightening labor market continues to unnerve silver investors. Hawkish signals from the Federal Reserve regarding potential rate hikes have pushed silver down by 22.6% since its May peak at $26.94 per ounce. Any strong labor data could further empower the Fed to sustain elevated rates, adding downward pressure on the metal. Currency and Yields A slight retreat in the U.S. dollar index and a pullback from 16-year highs in U.S. 10-year Treasury yields have given silver some respite. Nevertheless, unless Treasury yields show signs of having reached a top, a bullish course for silver appears improbable. Job Data and Market Sentiment With the upcoming non-farm payrolls projected to report 170,000 new jobs, a higher-than-expected number could potentially send silver below the $20 mark. Concurrently, the SPDR Gold Trust ETF\u2019s lowest holdings since 2019 put additional strain on the entire precious metals sector. Short-Term Outlook The silver market currently lacks a clear direction and will likely remain so until the job data releases. Only a major technical reversal backed by robust trading volumes could instill a bullish sentiment. For now, the market sentiment leans bearish, especially with the looming possibility of a strong payroll report influencing the Federal Reserve\u2019s next moves. Silver (XAG\/USD) Technical Analysis DailySilver (XAG\/USD)With the current daily price of Silver (XAG\/USD) at $20.94, the commodity is trading below its 200-Day and 50-Day moving averages, indicating a bearish trend. The current price is also significantly below both minor and main support levels, suggesting that the market has breached crucial floors. Trend line resistance at $24.79 looms high, underscoring the commodity\u2019s current underperformance. However, this price level isn\u2019t even in the picture with the uptrending line at $22.37 standing in the way. The distance from support and resistance levels, along with its position relative to the 50 and 200-Day moving averages, paints a predominantly bearish picture for the silver market at the moment. [ad_2] Source link<\/p>\n","protected":false},"author":1,"featured_media":28329,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-28328","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financas"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t