Silver has rebounded to approximately $66.20 on Friday after a sharp post-NFP crash that briefly pushed the precious metal below $65, though it remains down 1.18% for the session. The volatile price action followed the release of US Nonfarm Payrolls data, which triggered an immediate selloff in the metal before buyers stepped in at lower levels. The recovery suggests trader uncertainty about the implications of the jobs report for Federal Reserve policy and risk appetite.
The intraday whipsaw highlights silver’s sensitivity to macro data releases and dollar movements, with the brief drop below the $65 threshold appearing to attract dip buyers. Traders across precious metals, forex, and commodity markets are closely watching these levels as silver’s industrial demand component makes it particularly reactive to economic data. The metal’s ability to claw back losses may indicate underlying support despite initial negative sentiment.
FXnCO Insight
Traders should monitor the $65 support level closely, as further weakness could trigger stop losses and accelerate downside momentum in precious metals markets.
Source: FXStreet