Silver price (XAG/USD) fails to find direction and remains sideways below the psychological resistance of $30.00 despite the United States (US) Automatic Data Processing (ADP) has reported weaker-than-expected private payroll data for May.
Silver price remains sideways below $30.00 with a focus on the US ISM Services PMI data. The US ADP reported that private payrolls were 152K, lower than the estimates of 173K. Fed ’s restrictive monetary policy framework is unfavorable amid normalizing labor market conditions. Silver price fails to find direction and remains sideways below the psychological resistance of $30.00 despite the United States Automatic Data Processing has reported weaker-than-expected private payroll data for May.
Apart from that, investors will also focus on other sub-components such as New Orders and Prices Paid Indices, which reflects the demand outlook and change in input prices. In the service sector, major allocation of expenditure goes in wages paid to workers, which has remained a key driver to persistent price pressures.
XAGUSD Fed Employment Supportresistance Silver
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