Silver price (XAG/USD) demonstrates a volatile action near $22.50 after the release of lower-than-anticipated weekly Jobless Claims data for the week
Weekly jobless claims increased by 2K to 204K this week but remained below expectations of 215K.price demonstrates a volatile action near $22.50 after the release of lower-than-anticipated weekly Jobless Claims data for the week ending September 22. The US Department of Labor reported that individuals claiming jobless claims for the first time increased by 2K to 204K from the previous week’s release but remained lower than expectations of 215K.
Meanwhile, the final reading of real Gross Domestic Product for the April-June quarter remained in line with the previous estimate and the market expectation of 2.1% on an annualized basis. corrects to 106.20 after refreshing a six-month high near 106.80 as profit-booking kicks in. The broader bias for the US Dollar is still bullish as the US economy is resilient due to falling inflation, an upbeat labor market, and robust consumer spending. The 10-year US Treasury yields jump to near 4.
The Relative Strength Index slips below 40.00, indicating no signs of divergence and oversold, warranting more downside.
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