Silver Price Surges to Seven-Week High as Fed Rate Hike Expectations Cool
Silver prices continued their upward trend on Monday, reaching a seven-week high of $65.00. This follows the release of US Nonfarm Payrolls data, which showed a decline in jobs and cooled expectations for Federal Reserve rate hikes.
The technical picture suggests an inverted Head & Shoulders pattern, with momentum indicators supporting the bullish view. The Relative Strength Index (14) is trending higher within the low-60s, while the Moving Average Convergence Divergence (MACD) line advances further into positive territory.
With the US Dollar Index (DXY) depressed below the key 100.00 level, precious metals are seeing a boost in demand. Investors will be looking at the US Consumer Prices Index (CPI) figures due on Wednesday to confirm their views on Fed rate hikes and the subsequent impact on the economy.