Silver Surges Above $60, Tests 50-Day SMA as Dollar Weakens
Silver prices jumped more than 4% to above $60, testing the 50-day simple moving average. Softer US jobs data pushed the dollar lower, though gains were capped by resilient services sector activity.
Silver price rallied over 4%, breaking above the $60 level and testing its 50-day simple moving average. The move was driven by a weaker US dollar, which fell after jobs data came in below expectations.
However, the dollar's decline was limited because business activity in the services sector remained robust, preventing further upside for silver. Traders are now assessing the mixed signals from the labor market and services sector.
The technical test of the 50-day SMA could be pivotal for near-term direction. A sustained break above may open the door to further gains, while a failure could see a pullback.
Source: FXStreet Forex News