Silver Prices Slip Below $67 as NFP Report Looms
Silver prices traded lower on Friday, snapping a two-day winning streak to the weekly high set the previous day. The white metal currently trades below $67.00, down 0.30% for the day, as traders await the release of the closely watched US Nonfarm Payrolls (NFP) report.
The receding bets for an interest rate hike by the US Federal Reserve (Fed) in September and sliding US bond yields keep the US Dollar (USD) near its lowest level in over a week. This is seen as a key factor acting as a tailwind for USD-denominated commodities, including Silver.
However, the technical setup warrants some caution for bullish traders, with mixed technical momentum indicators suggesting that rallies remain capped for now. The Relative Strength Index hovers in the mid-50s and the Moving Average Convergence Divergence (MACD) slips into negative territory, hinting at waning upside pressure.