Silver Tumbles on Strong US Jobs Data, Remains Near Key EMAs

The silver market took a hit on Friday after strong US jobs data was released, showing a significant increase in job additions. The expected number of 55,000 new jobs last month turned out to be 162,000, far exceeding expectations and sending shockwaves through the market.

As a result, traders are concerned about potential inflation and higher interest rates from the Federal Reserve, which is typically bearish for silver prices.

However, despite the initial downturn, the price of silver remains well within its normal range, resting near the 200-day EMA (65.660) and the 50-day EMA (65.200).