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Silver holds near $59.50 as Hormuz reopening hopes lift and cushion moves
Silver is up about 2% on the day near $59.50 per troy ounce, while a drop in June JOLTS vacancies to 7.359 million points to cooling labor demand and a softer Fed outlook.
Silver prices are trading with a mildly positive tone around $59.50 per troy ounce, gaining about 2% on Tuesday, but still staying in a tight range and below recent highs, according to FXStreet.
The report links silver’s support to shifting expectations around the Strait of Hormuz. Al Arabiya and Al Hadath said an announcement on reopening is expected soon, though neither was officially verified, and the news has already driven an unwind of the risk premium built into commodity markets during the conflict.
FXStreet also notes that silver’s reaction could cut both ways depending on whether the waterway fully reopens. Defensive safe haven demand has helped the metal during the escalation, but a confirmed reopening could remove that support, while cheaper energy and improved global trade conditions could benefit industrial activity, where roughly half of silver demand comes from.
On the macro side, the JOLTS report showed vacancies falling to 7.359 million in June from a revised 7.537 million and below the 7.4 million forecast, FXStreet said. It argued that cooling labor demand tempers expectations for further Fed tightening, and it highlighted other upcoming signals including ADP’s forecast for slower employment growth ahead of Friday’s Nonfarm Payrolls.
From a technical perspective, FXStreet said XAG/USD is around $59.40 on the 4-hour chart, holding above the 20-period and 100-period simple moving averages at $58.37 and $57.93, with an RSI near 61 suggesting positive momentum but not yet overbought. Resistance is seen near $59.49 and $60.00, while the metal consolidates just below that barrier.
Latest closeSilver $58.28 ▲1.2%