Silver price (XAG/USD) reverses gains and falls sharply to $26.00 despite the United States Nonfarm Payrolls (NFP) data for April turned out weaker than expected.
Silver price plunges to $26 despite a sell-off in the US Dollar and bond yields. The US NFP report for April exhibited weak labor demand and softwage growth. Weak labor demand will boost Fed rate cut prospects for September. Silver price reverses gains and falls sharply to $26.00 despite the United States Nonfarm Payrolls data for April turned out weaker than expected.
The US Dollar Index , which tracks the Greenback’s value against six major currencies, prints a fresh three-week low around 104.50. 10-year US Treasury Yields weaken to 4.49%. Generally, lower yields on interest-bearing assets weigh on non-yielding assets such as Silver as they reduce the opportunity cost of holding investment in them. Therefore, the Silver price could reverse losses ahead.
XAGUSD Fed Inflation Supportresistance Silver
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