Silver Price (XAG/USD) Climbs to $25.80 on US Dollar Weakness After Steady Job Openings Data
Silver (XAG/USD) surged to $25.80 as the US Dollar weakens following steady US JOLTS Job Openings data for February. The Bureau of Labor Statistics (BLS) report revealed 8.756 million job openings, in line with expectations and slightly lower than the previous figure of 8.748 million, suggesting a stable labor market demand.
Market sentiment remains subdued, with the S&P 500 opening lower. Declining expectations for a June Fed rate cut have boosted risk aversion, while rising 10-year US Treasury yields to 4.40% further support downside sentiment. The US Dollar Index (DXY) retreated to 104.70 after reaching a four-month high at 105.10.
Upbeat US Manufacturing PMI data for March, showing expansion after 15 consecutive months of contraction, has failed to significantly boost the US Dollar. The Institute of Supply Management (ISM) reported figures exceeding the 50.0 threshold, bolstering the US economic outlook.
This week, market focus shifts to the pivotal US Nonfarm Payrolls (NFP) report for March, scheduled for release on Friday. This labor market data will offer critical insights into the potential timing of Federal Reserve (Fed) interest rate cuts.
Silver price remains tantalizingly close to testing its annual high of $26.14, established on May 5. Short-term demand for the precious metal remains bullish, supported by a rising 20-day Exponential Moving Average (EMA) at $24.63. The 14-period Relative Strength Index (RSI) in the 60.00-80.00 range confirms the bullish bias.