XAG/USD hits six-week highs near $63.90, supported by easing Fed tightening expectations ahead of July payrolls data.
Silver (XAG/USD) extended its rally to $63.90, marking its strongest weekly performance since February, as investors bet the Federal Reserve will pause interest rate hikes. The metal remains above the critical $63.30 resistance, a level not breached since early July, though confirmation of the break is pending.
Prior to this week, XAG/USD traded below $60.90 for most of June, with momentum indicators now signaling overbought conditions. Analysts note that a sustained move above $63.30 could target June highs near $67, though caution persists ahead of the U.S. Nonfarm Payrolls report, forecast at 70k jobs for July.
Danske Bank highlighted solid labor market conditions but warned of weak labor supply growth, keeping the Fed’s focus on the unemployment rate. The metal last settled at $63.78, with technicals suggesting further upside if resistance holds.