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Silver jumps 4% as traders scale back Fed hike expectations
XAG/USD is near $62.30, with daily charts showing bullish momentum but the weekly trend still bearish and resistance at the 50-day SMA near $62.65.
Silver prices rose more than 4% on Wednesday, pushing XAG/USD to around $62.30 and close to its highest level in about a month, according to FXStreet.
The move followed weaker-than-expected US ADP employment data and signs that energy driven inflation is easing, which led traders to dial back expectations for Federal Reserve rate hikes.
On the daily chart, Silver has reclaimed the 21-day simple moving average at $58.31 and is now challenging the 50-day SMA at $62.65, with the RSI at 56 and MACD above zero, FXStreet noted.
FXStreet said the next upside level is the $65.00 area, while a daily close above the 50-day SMA could open the way to higher levels, but the weekly outlook remains cautious with price still below the 50-week SMA at $65.94 and the 21-week SMA at $68.64.
Latest closeSilver $59.77 ▲3.7%