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\n Share:<\/span><\/p>\n Silver<\/a> price (XAG\/USD) climbs swiftly to near $23.30 as the United States<\/a> Bureau of Labor Statistics (BLS) has reported that the pace of hiring by firms was slow in October. The white metal rallies as investors hope that a softer-than-anticipated labor market report will allow Federal Reserve (Fed) policymakers to keep interest rates unchanged in the range of 5.25-5.50% till the end of 2023.<\/p>\n As per the US NFP<\/a> report, the workforce witnessed fresh additions of 150K vs. expectations of 180K and September\u2019s reading of 297K (revised lower). The Unemployment Rate rose to 3.9% against expectations of 3.8%. The wage growth also slowed to 0.2% against a 0.3% gain in September.<\/p>\n The market mood turns upbeat as slower growth in the job market may bring down consumer spending and ease consumer inflation. Meanwhile, the S&P500 has opened on a bullish note as investors hope that the Fed<\/a> is done with hiking interest rates. The US Dollar Index<\/a> (DXY)\u00a0refreshed\u00a0its\u00a0six-week low below 105.20. 10-year US Treasury yields have plunged further to 4.53%.<\/p>\n The Institute of Supply Management (ISM) has reported that the Services PMI for September dropped sharply to 51.8 against expectations of 53.0 and the former reading of 53.6.<\/p>\n Silver price forms a Bullish Flag chart pattern on a four-hour scale. The aforementioned chart pattern indicates a transfer of inventory from retail participants to institutional investors. The white metal remains cushioned by the 200-period Exponential Moving Average (EMA) at $22.80. The horizontal resistance is plotted from September 22 high at $23.77.<\/p>\n The Relative Strength Index (RSI) (14) aims to shift into the bullish range of 60.00-80.00. A bullish momentum will trigger if the RSI (14) would manage to do so.<\/p>\n\n
Silver technical analysis<\/h2>\n
Silver four-hour chart<\/h3>\n