Silver Price Falters Below $67.00 Amid Mixed Momentum Ahead of US NFP Report
The XAG/USD is trading below $67.00 as investors await key data from the US, specifically the Non-Farm Payroll (NFP) report. The recent decline in interest rate hike bets and sliding US bond yields has kept the US Dollar near its lowest level in over a week, creating a favorable environment for USD-denominated commodities like silver.
However, technical indicators suggest caution for bullish traders, as the Relative Strength Index hovers in the mid-50s and the Moving Average Convergence Divergence (MACD) slips into negative territory. This mixed momentum suggests that rallies may remain capped for now.
The immediate resistance for silver is at $67.83, followed by a more significant barrier at $71.89 and the 200-day Simple Moving Average (SMA) at $72.84. A sustained strength above this cluster would be needed to ease the broader downside bias and expose the 61.8% level near $75.95.