Silver price (XAG/USD) drops sharply to $30.50 in Friday’s European session.
Silver price falls vertically to $30.50 after steady PBoC’s Gold reserves data. Investors should brace for more volatility ahead of the US NFP report for May. Growing speculation for Fed rate cuts in September has limited the US Dollar’s upside. Silver price drops sharply to $30.50 in Friday’s European session.
Meanwhile, non-yielding assets have also come under pressure as an 18-month-long Gold buying spell by the People’s Bank of China appears to be concluded. The PBoC gold reserves by May end were steady at 72.80 million fine troy oz as seen in April’s report. High investment in non-yielding assets is considered optimal amid high inflation and economic uncertainty. Silver technical analysis Silver price declines after facing immense selling pressure above the 61.8% Fibonacci retracement at $31.20.
XAGUSD Fed PBOC Supportresistance Silver
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