**BREAKING: Silver Surges Past $60 Mark on Weak US Jobs Data**
Silver prices have rocketed more than 4% today, blasting through the $60 level and testing the 50-day simple moving average as the US dollar weakens following disappointing employment figures. The precious metal’s sharp rally comes as traders digest softer-than-expected jobs data that has put downward pressure on the greenback, though the dollar’s decline was partially limited by continued expansion in the US services sector business activity.
The XAG/USD pair is experiencing its strongest single-session performance in recent weeks, with the dollar-denominated metal benefiting directly from greenback weakness. Forex and commodities traders are closely monitoring whether silver can maintain support above the psychologically significant $60 threshold, particularly as technical resistance at the 50-day SMA comes into play. The price action reflects broader risk appetite returning to precious metals markets as expectations for Federal Reserve policy potentially shift.
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FXnCO Insight
** Traders should watch for a sustained break above the 50-day SMA as confirmation of bullish momentum, with failure to hold $60 likely triggering profit-taking and renewed downside pressure.
Source: FXStreet