Silver Price Analysis: XAG/USD still struggling with selling pressure ahead of $23.00 area despite ongoing buck woes By Frank_Macro XAGUSD Silver NFP
f the $23.00 per troy ounce level. Indeed, since pulling back from earlier session highs in the $22.80s after failing to rally above the 50-day moving average at $22.86, the precious metal has traded in choppy fashion, even dipping below $22.50 at one point. At current levels in the $22.60s, it trades about 0.2% higher on the session.
Though ADP hasn’t had the best track record as of late in predicting the official US payroll change number , it will push already very low expectations even lower. The rapid spread of Omicron over the past six weeks or so in the US has disrupted the usual labour market churn and slowed the pace of hiring. In light of this, markets have broadly ignored the latest ADP report and will likely ignore the headlinenumber on Friday .
If AHE follows in the footsteps of last week’s Q4 Employment Cost Index data by underwhelming expectations, the US dollar may gather fresh momentum. Spot silver’s failure to capitalise on the USD weakness that has already ensued this week raises questions about whether the aforementioned scenario would ultimately be a XAG/USD positive. Perhaps what XAG/USD needs is to clear the resistance area around $23.00 before a more substantial rebound can take place. Certainly, a rally above $23.
is moving towards tighter policy, the 200DMA may continue to provide a long-term ceiling, as has been the case since last August.
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