- Money is on the verge of a major setback.
- The US dollar could find support at this point, both technically and fundamentally.
The price of silver is low in the open this week and consolidates profit taking after Friday’s Nonfarm Payrolls event.
At the end of the game on Friday, the XAG / USD spot ended at $ 26.46.
The price of XAG / USD ranged from a low of $ 25.98 to a high of $ 26.56 in a constant upward drift throughout the day and sessions.
In Asia today, the price is losing about 0.13% and has gone from a high of $ 26.47 to a low of $ 26.42.
The greenback had been supported until the NFP event, but the fact was sold on the front page and the lack of wage inflation was an excuse to cash in profits before the long weekend.
A wage inflation indicator rose 0.3% last month, lower than the consensus forecast for an increase of 0.4%.
The NFP footprint was not strong enough to disrupt markets or weigh on precious metals, but from both a technical and fundamental perspective, the greenback could be on the verge of a rally.
DXY daily chart
XAG / USD daily chart
Technically, the 26.50 probe puts the bulls back in charge and opens the risk towards the mid-May 26.70 low.
However, a pullback could be on the cards first: