Silver Price Forecast: XAG/USD steadies below $30 ahead of US ISM Services PMI


  • Silver price remains sideways below $30.00 with a focus on the US ISM Services PMI data.
  • The US ADP reported that private payrolls were 152K, lower than the estimates of 173K.
  • Fed’s restrictive monetary policy framework is unfavorable amid normalizing labor market conditions.

Silver price (XAG/USD) fails to find direction and remains sideways below the psychological resistance of $30.00 despite the United States (US) Automatic Data Processing (ADP) has reported weaker-than-expected private payroll data for May.

The agency reported that private employers recruited 152K jobs, which were lower than the estimates of 173K and the prior release of 188K, downwardly revised from 192K. This exhibit normalizing labor market conditions, which fuels expectations of the Federal Reserve (Fed) reducing interest rates from the September meeting and weighs on the US Dollar. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, faces pressure while attempting to extend recovery above 104.30.

Volatility in the US Dollar is expected to remain high as investors await the US ISM Services PMI data for May, which will be published at 14:00 GMT. Economists have forecasted that the Services PMI is estimated to have returned to expansion, seen at 50.5, higher than the former release of 49.4.

Apart from that, investors will also focus on other sub-components such as New Orders and Prices Paid Indices, which reflects the demand outlook and change in input prices. In the service sector, major allocation of expenditure goes in wages paid to workers, which has remained a key driver to persistent price pressures.

Silver technical analysis

Silver price trades in a Rising Channel chart pattern, formed on a daily timeframe, in which each pullback is considered as buying opportunity by market participants. Upward-sloping 50 and 200-day Exponential Moving Averages (EMAs) around $28.50 and $25.40, respectively, indicate that the overall trend is bullish.

The 14-period Relative Strength Index (RSI) falls back into the 40.00-60.00 range, suggesting that upside momentum has faded. However, the upside bias remains intact.

Silver daily chart

XAG/USD

Overview
Today last price 29.65
Today Daily Change 0.15
Today Daily Change % 0.51
Today daily open 29.5
 
Trends
Daily SMA20 30.21
Daily SMA50 28.35
Daily SMA100 25.84
Daily SMA200 24.55
 
Levels
Previous Daily High 30.89
Previous Daily Low 29.38
Previous Weekly High 32.3
Previous Weekly Low 30.19
Previous Monthly High 32.51
Previous Monthly Low 26.02
Daily Fibonacci 38.2% 29.96
Daily Fibonacci 61.8% 30.31
Daily Pivot Point S1 28.96
Daily Pivot Point S2 28.41
Daily Pivot Point S3 27.44
Daily Pivot Point R1 30.47
Daily Pivot Point R2 31.44
Daily Pivot Point R3 31.98

 

 

Share: Feed news

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.

XM
Account
7.2
Tools
9.2
Service
9.4
Trading
9.0
Trust
7.0
Experience
8.4
Read review
Moneta Markets
Account
7.4
Tools
6.6
Service
8.0
Trading
6.6
Trust
5.2
Experience
9.2
Read review
Trading Pro
Account
7.2
Tools
5.2
Service
6.6
Trading
8.0
Trust
5.0
Experience
7.0
Read review
Pepperstone
Account
8.2
Tools
8.2
Service
7.4
Trading
9.0
Trust
8.8
Experience
9.0
Read review
XM
Read review
Moneta Markets
Read review
Trading Pro
Read review
Pepperstone
Read review
Trading Pro
Read review
Pepperstone
Read review
XM
Read review
Moneta Markets
Read review
Trading Pro
Account
7.2
Tools
5.2
Service
6.6
Trading
8.0
Trust
5.0
Experience
7.0
Read review
Pepperstone
Account
8.2
Tools
8.2
Service
7.4
Trading
9.0
Trust
8.8
Experience
9.0
Read review
XM
Account
7.2
Tools
9.2
Service
9.4
Trading
9.0
Trust
7.0
Experience
8.4
Read review
Moneta Markets
Account
7.4
Tools
6.6
Service
8.0
Trading
6.6
Trust
5.2
Experience
9.2
Read review

Recommended content


Recommended content

Editors’ Picks

AUD/USD nosedives to near 0.6050 as RBA dovish bets swell dramatically

AUD/USD nosedives to near 0.6050 as RBA dovish bets swell dramatically

AUD/USD falls like there is no tomorrow due to a significant acceleration in RBA dovish bets. The RBA is expected to cut its Official Cash Rate (OCR) in all three next policy meetings. US NFP data for March has come in at 228K, beating estimates of 135K.

AUD/USD News
EUR/USD: Markets on edge after US “Liberation Day,” turmoil just began

EUR/USD: Markets on edge after US “Liberation Day,” turmoil just began

Financial markets navigated tumultuous waters in the first week of April. US President Donald Trump finally unveiled his reciprocal tariffs plan and spurred panic among worldwide investors. EUR/USD peaked at 1.1146 mid-week, its highest since September 2024, to finally settle at around 1.1000.

EUR/USD News
Gold correction deepens after new record-high is set on Trump’s tariff announcement

Gold correction deepens after new record-high is set on Trump’s tariff announcement

Gold pushed higher with the initial reaction to tariff announcements from the United States on Wednesday and touched a record peak of $3,167 before staging a deep correction heading into the weekend. Investors will stay focused on tariff-related headlines and pay close attention to inflation data from the US. 

Gold News
Week ahead: US CPI and RBNZ decision on tap amidst tariff mayhem

Week ahead: US CPI and RBNZ decision on tap amidst tariff mayhem

US Dollar traders await US CPI data amid global trade turbulence. RBNZ to cut by 25bps, could maintain dovish stance. China’s CPI and PPI to reveal tariff impact on inflation. Strong UK GDP data could help the pound climb higher.

Read more
Strategic implications of “Liberation Day”

Strategic implications of “Liberation Day”

Liberation Day in the United States came with extremely protectionist and inward-looking tariff policy aimed at just about all U.S. trading partners. In this report, we outline some of the more strategic implications of Liberation Day and developments we will be paying close attention to going forward.

Read more
The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

Read More

Forex MAJORS

Cryptocurrencies

Signatures

Best Brokers of 2025