Silver price remains range-bound at the start of the NFP data week. On Friday, the US Bureau of Labor Statistics is scheduled to release the jobs data, with analysts predicting an increase of 65,000 jobs. The figure is higher than May’s 559,000. Depending on the outcome, the market may begin to price in a probable rate hike sooner-than-expected.
Silver price will also be reacting to remarks by Fed officials including New York Fed President John Williams, Fed Vice Chair Randal Quarles, and Atlanta Fed President Raphael Bostic. The US Treasury yields, CB consumer confidence on Tuesday, and manufacturing PMI data from various countries will also impact the precious metal’s price movements.
Silver price technical outlook
Silver price remains within a tight range amid the formation of a bearish flag pattern. Notably, the bearish pattern has been in formation since the beginning of the past week. At the time of writing, the precious metal was down by 0.08% at 26.06. On a four-hour chart, it is trading along the 25-day EMA while remaining below the 50-day EMA. Based on the technical indicators, the outlook is rather bearish.
As the week unfolds, I expect silver price to continue its range-bound trading amid wavering US bond yields. The bulls may manage to push the prices to 26.50 before pulling back. In the near term, the resistance level is likely to remain along the 50-day EMA at 26.30. On the flip side, a move below the support level at 25.80 will have the bears targeting 25.50.
Silvr price chart
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