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- Silver price rebounds from $56.60; downside remains likely amid firm hawkish Fed bets.
- The Fed is expected to deliver at least one interest rate hike this year.
- Investors await the US JOLTS Job Openings data for May.
Silver price (XAG/USD) attracts slight bids after falling to near $56.60 in the Asian session on Tuesday, but is still 1.55% down to near $57.40 at press time. The white metal remains under pressure amid firm expectations that the next monetary policy move by the Federal Reserve (Fed) this year will be on the upside.
According to the CME FedWatch tool, there is an almost 80% chance that the Fed will deliver at least one interest rate hike this year.
Higher interest rates by the Fed bode poorly for non-yielding assets, such as Silver.
Meanwhile, investors await the United States (US) JOLTS Job Openings data for May, which will be released at 14:00 GMT. The data is expected to show that employers posted 7.3 million fresh jobs, lower than 7.618 million in April.
This week, the major trigger for the Silver price will be the US Nonfarm Payrolls (NFP) data for June, which will be released on Thursday.
Investors will pay close attention to employment-related data this week, as comments from new Fed Chairman Kevin Warsh signaled that forward-looking statements from the central bank are not “well suited to the current policy conjuncture”.
Silver technical analysis
XAG/USD trades lower at around $57.40, extending its slide well below the 20-day exponential moving average (EMA) at $64.57 and preserving a bearish near-term bias.
The distance between spot and the EMA hints at persistent selling pressure, while the Relative Strength Index (RSI) at 30.23 hovers just above oversold territory, suggesting that downside momentum remains dominant but is approaching exhaustion levels.
On the topside, initial resistance is located at the March 23 low at $61.01, followed by the 20-day EMA around $64.57, which would need to be reclaimed to ease the current bearish tone and signal a more sustained recovery attempt. On the downside, the October 16 high at $54.86 is the immediate support level; a breakdown below the same would expose the Silver price to $50.00.
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