Payrolls Miss Sparks Volatile Session for Silver
The US payrolls report for September missed expectations by a wide margin, coming in at just 29,000 jobs added when economists predicted around 90,000. This disappointing news led to a sharp drop in the 10-year Treasury yield from 5.243% to 5.157%, only to rebound and close at 5.275%, up 3.2 basis points.
Silver prices rose sharply immediately after the report, spiking to $62.09, but quickly reversed course and settled near the low of $60.37, down $0.62 or -1.02% on the day. The metal's volatility was closely tied to the 10-year yield, which made its move early in the session.
The technical analysis suggests that Silver is still trending downward, with a main trend line at $67.55 and a minor top forming at $62.09. Support levels are seen at $56.56 and $54.78, while resistance comes in at the short-term retracement zone of $61.04 to $62.98.