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Reading: Silver Price Prediction: XAG/USD Surrenders Intraday Gains Despite Positive US JOLTS Job Openings
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Gulf Press > Business > Forex > Silver Price Prediction: XAG/USD Surrenders Intraday Gains Despite Positive US JOLTS Job Openings
Forex

Silver Price Prediction: XAG/USD Surrenders Intraday Gains Despite Positive US JOLTS Job Openings

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Last updated: 2024/07/30 at 2:47 PM
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Silver price dropped slightly below $28.00 after the release of the US JOLTS Job Openings data for June, which exceeded expectations. US employers posted 8.18 million vacancies, pushing the US Dollar higher and resulting in a drop in Silver prices. The Federal Reserve is expected to maintain interest rates for the eighth consecutive time, with the Fed expected to leave rates unchanged at 5.25%-5.50%. The Fed is also anticipated to provide a dovish guidance on interest rates.

In response to the news, the Silver price technical analysis shows a bearish trend as the white metal trades near $28.00. The breakdown of the Double Top formation below $28.60 on a daily timeframe has resulted in a bearish crossover. The overall trend remains bearish as the Silver price trades below the 50-day EMA, which is around $29.35. The RSI has shifted into the bearish range of 20.00-40.00, indicating a bearish momentum.

Silver is a precious metal that has been historically used as a store of value and medium of exchange. Although less popular than Gold, Silver is often used by investors to diversify their portfolio, as a potential hedge against inflation, or for its intrinsic value. Silver prices can be influenced by various factors such as geopolitical instability, economic conditions, and the behavior of the US Dollar. The metal is widely used in industries like electronics and solar energy due to its high electrical conductivity.

Silver prices tend to follow Gold’s movements, as both are considered safe-haven assets. The Gold/Silver ratio, which compares the value of Gold and Silver, can help determine the relative valuation between these two metals. A high ratio may suggest that Silver is undervalued, while a low ratio might indicate that Gold is undervalued. Factors such as industrial demand, investment interest, and mining supply can also impact Silver prices.

In conclusion, the recent drop in Silver prices below $28.00 was influenced by the better-than-expected US JOLTS Job Openings data, which strengthened the US Dollar. The outlook for Silver remains bearish, with the focus on the Fed’s interest rate decision and guidance. Investors may continue to monitor various factors such as economic conditions, geopolitical events, and the behavior of the US Dollar to assess Silver price movements.

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News Room July 30, 2024
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