XAG/USD rallies past $60, nearing the 50-day SMA at $62.65, as the dollar retreats on weaker-than-expected U.S. economic figures.
Silver prices climbed more than 4% to $62.21 as the U.S. dollar weakened following softer-than-expected jobs data. The rally was capped by resistance at the 50-day Simple Moving Average near $62.65, a key technical level.
Prior to this surge, silver had struggled below $60, with the last significant resistance test occurring in mid-June. The Relative Strength Index indicates a shift to bullish momentum, though sustained gains depend on breaking above $65.00.
Downside risks remain if XAG/USD closes below $62.00, potentially targeting the August 3 low of $59.40 or yearly lows near $54.77.