Silver Slips to $60.50 as Bears Target $60 After 6% Weekly Drop
Silver fell about 0.76% on Friday to around $60.50, leaving it down 6% for the week as higher US Treasury yields offset dollar weakness following a soft US jobs report.
XAGUSD
Spot silver traded near $60.50, down roughly 0.76% on the day and under pressure from a 6% weekly decline. The move put the $60 level in focus as key psychological support.
Rising US Treasury yields limited the benefit of a softer US dollar. The greenback lost ground after a weak US jobs report, but higher yields capped the decline and weighed on non-yielding silver.
Bears now appear to be clustering around the $60 mark, leaving the metal vulnerable to further losses if that level breaks.
Source: FXStreet Forex News