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Silver pauses above $66 as traders await US Nonfarm Payrolls
TD Securities expects August nonfarm payrolls to rebound to 95K, a labor-market read that could shift Federal Reserve rate expectations and weigh on the non-yielding metal.
Silver prices struggled to extend gains above $66.25 during Thursday’s European session, holding around $66.00 as investors looked ahead to the US Nonfarm Payrolls report due Friday. FXStreet said the metal could trade sideways while the market waits for the August jobs data.
According to TD Securities, August payrolls are expected to rebound to 95K after July posted a decline of 23K, with the unemployment rate projected to be steady at 4.1%. FXStreet noted TD Securities warned risks to the payroll forecast look hawkish and would not rule out an upside surprise.
The report is expected to influence expectations for the Federal Reserve’s monetary policy path. FXStreet cited CME FedWatch, showing traders see a two-in-three chance the Fed will raise interest rates at its September meeting, a dynamic that can affect demand for non-yielding assets like silver.
Technically, FXStreet reported XAG/USD is trading above the 20-day EMA at 65.51, keeping the near-term bias constructive after a recovery from the mid-50s. Support is seen at the 20-day EMA at 65.51, while the August high near $71 remains the key resistance level, according to the outlet.
Latest closeSilver $65.91 ▲2.0%