Silver Prices Surge 4% on Weaker US Jobs Data

Silver prices have surged over 4% on Wednesday following weaker-than-expected US ADP employment data and easing energy-driven inflation concerns.

The improved daily momentum suggests bullish movement, with XAG/USD challenging the 50-day SMA at $62.65. However, the weekly outlook remains bearish as it trades below key moving averages.

On the daily chart, Silver has reclaimed the 21-day SMA at $58.31 and is now testing resistance at $62.65. Immediate support lies near $55.50.