Silver Price Forecast: XAG/USD dips as US bond yields rise, US NFP data exceed forecasts – by christianborjon Silver XAGUSD Commodities Metals Silver Silver
, as precious metals weighed by high US Treasury bond yields edge lower. XAG/USD opened around the daily highs and printed a weekly high of $24.00 before retreating past the 50- and 20-day Exponential Moving Averages confluence at the time of writing. XAG/USD is trading at $23.61, down 0.01%.XAG/USD slid on a hotter-than-expected USreport in May, which revealed that 339K Americans entered the workforce, more than one and a half expected of 190K.
Given the amount of data revealed, traders brace for a July rate hike by the Fed, aligning themselves with recent Fed officials’ commentary, led by the Chair, saying the US central bank could skip a meeting to see the effects of 500 bps of tightening. Vice-Chair nominee Philip Jefferson and the Philadelphia Fed President Patrick Harker reinforced the message.
Therefore US Treasury bond yields exploded to the upside, a headwind for the precious metals segment. US Treasury bond yields climbed, with 2s up 16 bps to 4.501%, while 10s stand at 3.689%, gaining nine bps., which tracks the greenback’s value against a basket of six currencies, rose 0.46%, up at 104.041, but set to finish the week on the wrong foot.
On the geopolitical sphere, the US debt-ceiling saga finished with a happy ending, with both chambers, the US House and the Senate passing the bill, easing fears of a possible US government default. The bill would be signed into law by US President Joe Biden over the weekend.Given the fundamental backdrop, the XAG/USD shifted from neutral upward biased to neutral. The Relative Strength Index indicator dodged the 50-midline and aimed downwards, suggesting that sellers are still in place.
Upwards, resistance levels lie at the 20-day EMA at $23.79, the 50-day EMA at $23.91, and the $24.00 figure. Conversely, XAG/USD support levels are the 100-day EMA at $23.47, the $23.00 psychological price level, and the 200-day EMA At $22.85.
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