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Silver holds steady above $36.00, showing no strong directional momentum.
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Traders await upcoming U.S. employment data to gauge the likelihood of Fed rate cuts.
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XAG/USD remains range-bound, with a breakout needed below $35.40 or above $37.35 to confirm the next move.
Silver (XAG/USD) continues to move sideways around the $36.00 mark, as investor sentiment remains cautious ahead of key U.S. labor market data. Market participants are looking for further clues on the timing of potential Federal Reserve rate cuts.
On Tuesday, stronger-than-expected U.S. Job Openings and an upbeat ISM Manufacturing PMI report underscored the resilience of the U.S. economy. These data points, coupled with Fed Chair Jerome Powell’s cautious stance at the ECB summit, lent some support to the U.S. Dollar and added uncertainty to precious metals.
Technical Outlook: XAG/USD Seeks Direction Within Tight Range
XAG/USD is lacking clear momentum, trading in a narrow band between $35.40 and $37.35—levels that have defined the range for the past three weeks following a sharp rally from early May.
On the 4-hour chart, the Relative Strength Index (RSI) continues to hover around the neutral 50 level, signaling indecision. Daily Doji candlesticks further reflect the market’s hesitation, with bulls and bears waiting for a breakout catalyst.
To the downside, a break below $35.40 would confirm a bearish Head & Shoulders pattern, potentially accelerating losses toward $34.10 (June 4 low) and the pattern’s projected target of $33.43.
On the upside, resistance in the $36.60–$36.85 zone (marked by the June 26 and July 1 highs) is capping upward moves. A clean break above this region would open the door for a test of the June 18 high at $37.35.
