Silver Price Forecast: XAG/USD holds onto losses below $61 ahead of US Job Openings data
Silver price (XAG/USD) clings to Monday’s losses at around $60.70 during the Asian trading session on Tuesday. The white metal is under pressure as financial markets remain confident that the Federal Reserve (Fed) will deliver more interest rate hikes this year.
Silver (XAG/USD) price remains down near $60.70 during Tuesday's Asian trading session. Financial markets remain confident that the Federal Reserve (Fed) will continue to increase interest rates this year, which is putting pressure on silver due to its non-yielding nature. TD Securities predicts a higher likelihood of an October rate hike, with economists believing the Fed will likely not regain confidence in inflation progress before the October meeting.
The labor market has shown signs of stabilizing, and economic activity data has been robust, but the Fed is providing more restrictions. Investors are eagerly anticipating the United States' JOLTS Job Openings data for August, which is expected to be published at 14:00 GMT. The report is projected to show 7.23 million new jobs, slightly lower than July's 7.271 million.
On the geopolitical front, the possibility of US-Iran diplomacy has slightly improved, with both nations discussing proposals via mediators. In the daily chart, XAG/USD trades at $60.63, maintaining a bearish near-term outlook, with the metal capped by the 20-period Exponential Moving Average (EMA) at $64.30.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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