The Silver price (XAG/USD) retreated from its attempt to reclaim the $27.00 resistance level on Thursday, dropping back to $26.20.
- Market Uncertainty Ahead of US Data: Silver faces pressure as the US Dollar and bond yields rebound in anticipation of key US economic data releases on Friday.
- US NFP and ISM Services PMI in Focus: These reports will influence market expectations for future Fed rate cuts.
- Slower Job Growth and Wage Growth Expected: Forecasts suggest a potential slowdown in the US economy, impacting Silver’s demand.
- Fed’s Dovish Stance Still Supportive: Despite potential economic slowdown, the Fed’s dovish shift remains somewhat supportive of Silver prices.
Technical Analysis: Uncertain Near-Term Outlook
- Silver approaches the horizontal support level around $26.09.
- The price is below the key 20-period EMA, indicating short-term selling pressure.
- The RSI suggests faded bullish momentum, but the long-term outlook remains unclear.