Silver Price Forecast: XAG/USD tanks toward $23.20s ahead of US Nonfarm Payrolls – by christianborjon Silver XAGUSD Metals
increased speculations for further tightening by the Federal Reserve , as shown by US Treasury yields rising. Therefore, the XAG/USD is trading at $23.20 after hitting a daily high of $23.91.
US employment data dampened traders’ mood. Private hiring increased in December, as the ADP Employment Change report showed the US economy added 2345K jobs crushing estimates. Some minutes following the release, the US Department of Labor revealed that Initial Jobless Claims for the last week fell to their lowest level since late September, at 204K vs. 225K estimated. The same report flashed Continuing Claims contracting to 1.694M less than the 1.708M expected.
At the same time, the US Department of Commerce revealed that the US Trade Balance for December shrank its deficit, printing $-61.51B against the $-73.0B foreseen. Moving aside from the releases of US data, the XAG/USD extended its losses after opening on the back foot since the Asian session. During the European session, Silver dropped to its daily low at 23.18 though it bounced back to the $23.60 area. Nevertheless, once American traders got to their desks, the US Dollar resumed its uptrend, to the detriment of dollar-denominated commodities., which tracks the value of the American Dollar against a basket of six currencies, is gaining 0.
Elsewhere, US Fed officials Esther George and Raphael Bostic had crossed the newswires. Kansas City Fed President Esther George said that high inflation requires Fed action, while his colleague, Atlanta’sAhead into the week, the US economy docket will feature the US Nonfarm Payrolls report, with most bank analysts estimating an increase of just 200K in December. Investors should be aware that the latest Fed Summary of Economic Projections forecasts a growth in the Unemployment Rate to 4.
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