Silver prices consolidate near $61.70 as traders await Friday’s US Nonfarm Payrolls report amid weaker macroeconomic data.
Silver (XAG/USD) retreated to $61.72 after failing to break above $63.00, trimming gains from a 7% two-day rally. Downside pressure remains limited as lower oil prices and a weaker USD support the metal, while US Treasury yields drop 10 basis points from last week’s highs.
The pair remains bullish above $60.70, with technical indicators showing buyers still in control. Resistance at $63.30, July’s peak, could cap further upside, while support lies at $59.40 and $56.50. Earlier US economic data disappointed, fueling concerns over Friday’s jobs report and reducing Fed rate hike expectations.
Traders are cautious ahead of key labor market data, which may influence Fed policy and precious metals demand.