Silver price (XAG/USD) plummets below the psychological support of $30.00 in Friday’s New York session.
Silver price drops vertically below $30.00 as US yields soar after upbeat US NFP report for May. Both job and wage growth beat estimates. Pause in PBoC’s gold-buying also weighed on the Silver price. Silver price plummets below the psychological support of $30.00 in Friday’s New York session. The white metal plunges after the United States Nonfarm Payrolls report May showed that labor demand remains robust and the wage growth momentum was stronger than expected.
The white metal was already under pressure as People’s Bank of China’s gold reserves report for May showed that their 18-month long Gold buying spell paused for a while. The report showed that gold reserves were unchanged at 72.80 million fine troy oz. Silver technical analysis Selling pressure in the Silver price indicates that it could deliver a breakdown of the Head and Shoulder chart pattern formed on a four-hour timeframe.
XAGUSD Fed NFP Yieldcurve Silver
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