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Silver edges higher toward $62.20 ahead of US July jobs data
FXStreet cites expectations for July NFP to rise modestly to 70k after June’s 57k, a reading that could sway Fed rate expectations and support silver’s non-yielding appeal.
Silver prices rose about 1% to trade near $62.20 in Asian hours on Friday, with investors positioning ahead of the release of US Nonfarm Payrolls for July, scheduled for 12:30 GMT, according to FXStreet.
TD Securities expects only a slight improvement in the jobs report after June’s downside surprise, forecasting July NFP at around 70k versus 57k in June, and sees the jobless rate holding around 4.2% after recent gains.
The outlook for Fed interest rate expectations is expected to be the key driver for silver in the absence of forward guidance, while FXStreet also flags a potential headwind if a sharp recovery in oil prices, linked to diminished hopes of an immediate reopening of the Strait of Hormuz, fuels higher inflation expectations.
On the technical front, FXStreet notes XAG/USD is above the 20-period EMA at $59.66 and that the 14-day RSI sits in positive territory near 56.3, while near-term resistance is cited around the July 6 high at $63.28.
Latest closeSilver $59.48 ▼0.7%