Silver Falls Ahead Of US Jobs Data, Investors Watch Federal Reserve.

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  • Commodities News
Silver Falls Ahead Of US Jobs Data, Investors Watch Federal Reserve.
Credit: © Reuters.

Silver prices experienced a slight decline of -0.4%, settling at 74095, as investors eagerly await upcoming US jobs data this week to gain insights into potential moves by the Federal Reserve. Tensions escalated in the Middle East after US helicopters repelled an attack by Iran-backed Houthi militants on a Maersk container vessel in the Red Sea, a crucial trade route between Europe and Asia. This geopolitical development adds an element of uncertainty to the market, contributing to potential volatility. Investors should brace for a volatile week, with various economic reports scheduled for release. 

China's factory activity expanded at a quicker pace in December, driven by stronger gains in output and new orders, according to a private-sector survey. However, business confidence for 2024 remained subdued. The Caixin/S&P Global manufacturing PMI rose to 50.8 at the end of 2023, marking the fastest expansion in seven months and surpassing forecasts. Contrastingly, Asia's factory activity weakened in December, signalling a shaky start for the region's manufacturing powerhouses in 2024. China's uneven economic recovery hampered a broader revival in demand. The upcoming release of ADP (NASDAQ: ADP )'s private payrolls report on Wednesday and December's jobs report on Friday may provide further evidence supporting expectations of a Federal Reserve interest rate cut this year. 

Technically, the silver market is under fresh selling pressure, witnessing a gain in open interest by 4.09%. Silver finds support at 73760, and a break below could test 73420. Resistance is likely at 74720, with a move above potentially leading to testing 75340.

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