Silver Prices Dip Ahead of US NFP Report

Silver prices slipped on Friday, snapping a two-day winning streak as traders await the release of the closely watched US Nonfarm Payrolls (NFP) report. The white metal currently trades below $67.00, down 0.30% for the day.

The technical setup warrants some caution for bullish traders, with mixed signals from momentum indicators. The Relative Strength Index hovers in the mid-50s and the Moving Average Convergence Divergence (MACD) slips into negative territory.

Traders are keeping a close eye on the US Dollar (USD), which is near its lowest level in over a week, due to receding bets for an interest rate hike by the US Federal Reserve (Fed) in September. This has kept USD-denominated commodities, including Silver, buoyed.