- Silver price strengthens after US JOLTS Job Openings were recorded lower at 8.827M vs. expectations of 9.465M.
- The US Dollar drops vertically to near 103.80 as investors hope that labor market conditions are losing resilience.
- Silver price comes out of the consolidation forms in a narrow range around $24.40
Silver price (XAG/USD) strengthens as the United States Bureau of Labor Statistics reported significantly lower fresh Job Openings in July. US firms invited fresh applications for 8.827M vacancies against June’s reading of 9.165M while investors anticipated 9.465M openings. This indicates that the hiring process has slowed down.
The US Dollar Index (DXY) comes under extreme pressure and drops vertically to near 103.80 as investors hope that labor market conditions are losing resilience.
Meanwhile, the S&P500 opens on a positive note despite the cautionary market mood ahead of the Automatic Data Processing (ADP) Employment Change data for August, which will be released on Wednesday at 12:15.
The economic data will provide cues about the status of the labor market. Robust talent acquisition could allow the Federal Reserve (Fed) to keep doors open for further policy tightening. The significance of August labor market data is very high as Fed Chair Jerome Powell conveyed that further policy action will be data-dependent.
Silver technical analysis
Silver price comes out of the consolidation forms in a narrow range around $24.40, demonstrating an inventory shift phase after a rally. The white metal forms a Bullish Flag chart pattern, which is a trend-following pattern. Upward-sloping 50-period Exponential Moving Average (EMA) continues to provide support to the Silver price.
A confident move into the bullish range of 60.00-80.00 by the Relative Strength Index (RSI) (14) will activate the upside impulse.
Silver two-hour chart
-638289151331631999.png)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD retreats toward 1.0850 on modest USD recovery
EUR/USD stays under modest bearish pressure and trades in negative territory at around 1.0850 after closing modestly lower on Thursday. In the absence of macroeconomic data releases, investors will continue to pay close attention to comments from Federal Reserve officials.
GBP/USD holds above 1.2650 following earlier decline
GBP/USD edges higher after falling to a daily low below 1.2650 in the European session on Friday. The US Dollar holds its ground following the selloff seen after April inflation data and makes it difficult for the pair to extend its rebound. Fed policymakers are scheduled to speak later in the day.
Gold climbs to multi-week highs above $2,400
Gold gathered bullish momentum and touched its highest level in nearly a month above $2,400. Although the benchmark 10-year US yield holds steady at around 4.4%, the cautious market stance supports XAU/USD heading into the weekend.
Chainlink social dominance hits six-month peak as LINK extends gains
-637336005550289133_XtraSmall.jpg)
Chainlink (LINK) social dominance increased sharply on Friday, exceeding levels seen in the past six months, along with the token’s price rally that started on Wednesday.
Week ahead: Flash PMIs, UK and Japan CPIs in focus – RBNZ to hold rates
After cool US CPI, attention shifts to UK and Japanese inflation. Flash PMIs will be watched too amid signs of a rebound in Europe. Fed to stay in the spotlight as plethora of speakers, minutes on tap.