Silver Price Forecast: XAG/USD rises to $25.80 as US Dollar slips after steady US Job Openings

Silver price climbs above $25.50 as US Dollar’s rally stalls.
Investors remain risk-averse as Fed rate cut expectations ease.
Silver price aims to recapture annual highs of $26.14.

Sagar Dua FXStreet

Silver price (XAG/USD) jumps to $25.80 after the United States Bureau of Labor Statistics (BLS) reported steady United States JOLTS Job Opening figures for February. US employers posted 8.756 million, against expectations of 8.74 million, and the former release of 8.748 million. This indicates that the labor demand is steady.

The market sentiment is downbeat as the S&P 500 has opened on a negative note. Easing Federal Reserve (Fed) rate cut expectations for the June meeting has turned investors risk-averse. 10-year US Treasury yields soar to 4.40%. The US Dollar Index (DXY) dips to 104.70 after refreshing a four-month high at 105.10.

The US Dollar struggles to maintain strength despite the upbeat US Manufacturing PMI for March, which has strengthened the US economic outlook further. The Institute of Supply Management (ISM) reported that the Manufacturing PMI landed above the 50.0 threshold for the first time after contracting for 15 straight months.

This week, investors will focus on the US Nonfarm Payrolls (NFP) data for March, which will be published on Friday. The labor market data will provide fresh cues about when the Federal Reserve (Fed) will start reducing interest rates.

Silver technical analysis

Silver price is inch away from testing annual highs at $26.14, formed on May 5. The near-term demand for the white metal is bullish as the 20-day Exponential Moving Average (EMA) at $24.63 is sloping higher.

The 14-period Relative Strength Index (RSI) oscillates in the 60.00-80.00 range, indicating that the bullish momentum is intact.

Silver daily chart

XAG/USD

Overview
Today last price	25.8
Today Daily Change	0.72
Today Daily Change %	2.87
Today daily open	25.08

Trends
Daily SMA20	24.64
Daily SMA50	23.49
Daily SMA100	23.58
Daily SMA200	23.39

Levels
Previous Daily High	25.38
Previous Daily Low	24.75
Previous Weekly High	25
Previous Weekly Low	24.33
Previous Monthly High	25.77
Previous Monthly Low	22.51
Daily Fibonacci 38.2%	25.14
Daily Fibonacci 61.8%	24.99
Daily Pivot Point S1	24.76
Daily Pivot Point S2	24.43
Daily Pivot Point S3	24.12
Daily Pivot Point R1	25.4
Daily Pivot Point R2	25.71
Daily Pivot Point R3	26.04

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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