Silver Price Weakness Persists Amid Strong US Jobs Data
The recent US Nonfarm Payrolls report has had a significant impact on the silver market. The strong jobs data supported the US dollar, reducing demand for precious metals and contributing to a negative tone in the silver market. Silver is currently trading below its key moving averages, including the MA-20 ($65.93), MA-50 ($66.37), and MA-200 ($72.58). Technical indicators are largely negative, with both MACD and ADX signaling a sell impulse, and RSI standing at 37.74.
Market participants anticipate a potential breakout in the near term, but the probability of a meaningful rebound remains low. If support at $64.66 breaks, further declines could accelerate. The baseline scenario calls for consolidation within the current channel, with a decisive move above $66.69 setting up a bullish scenario.
Earlier, analysts noted that silver's short-term prospects were cautiously bullish, contingent on currency movements and upcoming economic data. However, current technical weakness and a lack of bullish momentum suggest market participants should closely monitor support at $64.66.