Silver Crashes Toward 200-Day SMA After Strong US Jobs Data
Silver prices plummeted nearly 8% and are on track for a 10% weekly loss as a robust US Nonfarm Payrolls report boosted the dollar, pushing XAG toward the $61.00 target.
XAGUSD
Silver (XAG/USD) suffered a sharp decline, falling nearly 8% and challenging the 200-day Simple Moving Average (SMA) near $67.79. The white metal is set to end the week down almost 10%.
The sell-off followed a stronger-than-expected US Nonfarm Payrolls report, which strengthened the US dollar and pressured precious metals. Technical focus now shifts to the $61.00 level as the next major support.
Source: FXStreet Forex News