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.

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

 

 

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