Silver is off to a volatile start this week, hovering near $65.50 per troy ounce. What's weighing on the metal? A major rethink of where the Federal Reserve (Fed) is headed next. The September 4 jobs report was stunning: 162,000 new positions were added, far surpassing the 56,000 forecast, while the unemployment rate stayed at 4.1%. These blockbuster numbers sent bets on monetary tightening through the roof, rattled Treasuries, and pulled the entire metals sector down, including silver.
However, don't get too comfortable with the bearish narrative. The regulator's next move is far from being a done deal. This week, all eyes will be on US inflation data—both consumer and producer prices. If the figures come in softer than expected, interest rate hike odds could flip just as fast, sparking a bond rally and breathing new life into precious metals. And here is something interesting: the dollar barely moved after the impressive jobs report. There was no sustained rally or breakout—just a muted reaction that speaks volumes.
On the charts, buyers are slowly taking back control. With the technical setup still flashing bullish, the metal is poised for another surge, with the next significant hurdle at $71.00.
The ultimate recommendation is to buy silver at the current price ($65.50), targeting $71.00 within two weeks. To protect your position from adverse market movements, place a Stop Loss order at $63.50.
This content is for informational purposes only and is not intended to be investing advice.
