Silver price (XAG/USD) climbs swiftly to near $23.30 as the United States Bureau of Labor Statistics (BLS) has reported that the pace of hiring by firms was slow in October.
Silver price climbs sharply above $23.00 on soft labor, Services PMI data. The US workforce witnessed fresh additions of 150K vs. expectations of 180K. The market mood turns upbeat as investors hope that the Fed is done with hiking interest rates. The white metal rallies as investors hope that a softer-than-anticipated labor market report will allow Federal Reserve policymakers to keep interest rates unchanged in the range of 5.25-5.50% till the end of 2023.
The Institute of Supply Management has reported that the Services PMI for September dropped sharply to 51.8 against expectations of 53.0 and the former reading of 53.6. Silver technical analysis Silver price forms a Bullish Flag chart pattern on a four-hour scale. The aforementioned chart pattern indicates a transfer of inventory from retail participants to institutional investors. The white metal remains cushioned by the 200-period Exponential Moving Average at $22.80.
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