Silver holds steady amid soft labor data and a hawkish Fed
Silver prices are holding steady as markets weigh soft labor data against a hawkish Fed.
ADP reported that private-sector employment fell by an average of 2.5k jobs per week over the four weeks to Nov 1. Moreover, Cleveland Fed data also showed 39k workers received layoff notices in Oct, close to a 40k level that exceeded only during the global financial crisis and the pandemic.
Meanwhile, the Oct FOMC minutes were hawkish, with several participants indicating that an additional 0.25% cut would not be appropriate and stressing a risk-balanced approach to future policy decisions.
XAGUSD remains range-bound between 51.00-52.50, awaiting additional price triggers for a clear breakout.
If XAGUSD closes above 51.00, the price may retest the next resistance at 52.50.
Conversely, if XAGUSD breaks below EMA21 and 51.00, the price could retreat toward the subsequent support at 49.50.
