{"id":316481,"date":"2024-06-04T17:21:37","date_gmt":"2024-06-04T11:51:37","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=316481"},"modified":"2024-06-04T17:21:37","modified_gmt":"2024-06-04T11:51:37","slug":"xag-usd-plummets-below-30-as-us-dollar-rebounds-with-focus-on-us-nfp-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/xag-usd-plummets-below-30-as-us-dollar-rebounds-with-focus-on-us-nfp-crypto-news\/","title":{"rendered":"XAG\/USD plummets below $30 as US Dollar rebounds with focus on US NFP &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div id=\"fxs_article_content\">\n<ul>\n<li><strong>Silver price dives below $30 as the US Dollar recovers amid caution ahead of US NFP data.<\/strong><\/li>\n<li><strong>Market speculation for the Fed reducing interest rates in September improves.<\/strong><\/li>\n<li><strong>Silver price weakens after a Double Top breakdown.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><\/li>\n<\/ul>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/rates-charts\/xagusd\" data-fxs-autoanchor=\"\">Silver<\/a> price (XAG\/USD) declines below the psychological support of $30.00 in Tuesday\u2019s European session. The white metal weakens as the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/currencies\/us-dollar-index\" data-fxs-autoanchor=\"\">US Dollar<\/a> (DXY) rebounds amid uncertainty ahead of United States (US) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/macroeconomics\/economic-indicator\/nfp\" data-fxs-autoanchor=\"\">Nonfarm Payrolls<\/a> (NFP) data for May, which will provide cues about whether the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/macroeconomics\/central-banks\/fed\" data-fxs-autoanchor=\"\">Federal Reserve<\/a> (Fed) will start lowering key borrowing <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/rates-charts\/rates\" data-fxs-autoanchor=\"\">rates<\/a> from their current levels in the September meeting.<\/p>\n<p>The US Dollar Index (DXY) rebounds after falling to a multi-week low near 104.00. The appeal for dollar-denominated commodities, such as Silver, weakens as higher US Dollar makes them expensive.<\/p>\n<p>Currently, the speculation for the Fed reducing interest rates in September has strengthened as recent US economic data has indicated signs of slowdown in the pace of US economic growth.<\/p>\n<p>The US ISM manufacturing PMI showed that factory activity contracted for the second straight month, demand <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/rates-charts\/forecast\" data-fxs-autoanchor=\"\">outlook<\/a> is bleak and input prices expanded at a slower pace. Recently, the US Q1 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/economic-calendar\" data-fxs-autoanchor=\"\">Gross Domestic Product<\/a> (GDP) was also revised lower to 1.3% from the preliminary estimates of 1.6%.<\/p>\n<p>In today\u2019s session, investors on the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/news\/us-jolts-preview-job-openings-expected-to-inch-lower-in-april-202406040800\" data-fxs-autoanchor=\"\">JOLTS<\/a> Job Openings data for April, which will be published at 14:00 GMT. US employers are estimated to have posted 8.34 million jobs, lower than the prior reading of 8.49 million.<\/p>\n<h2 class=\"fxs_headline_medium\">Silver technical analysis<\/h2>\n<p>Silver price weakens after a breakdown of the Double Top chart pattern formed on a four-hour timeframe. The chart formation was at multi-year high of $32.50 and it got triggered after breaking below May 24 low near $30.00. A breakdown of the above-mentioned chart pattern indicates a bearish reversal.<\/p>\n<p>The asset has shifted below the 50-period Exponential Moving Average (EMA) near $30.80, which indicates that the short-term trend has turned bearish.<\/p>\n<p>The 14-period Relative Strength Index (RSI) has shifted into the bearish range of 20.00-40.00, which suggests that momentum has leaned towards the downside.<\/p>\n<h3 class=\"fxs_headline_medium\">Silver four-hour chart<\/h3>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/editorial.fxstreet.com\/miscelaneous\/_XAG_USD_2024-06-04_16-30-57-638530964734194225.png\"><\/a><\/p>\n<p>\u00a0<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Silver price dives below $30 as the US Dollar recovers amid caution ahead of US NFP data. Market speculation for the Fed reducing interest rates in September improves. Silver price weakens after a Double Top breakdown.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Silver price (XAG\/USD) declines below the psychological support of $30.00 in Tuesday\u2019s European session. The white metal weakens as [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":20827,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,459,366,255,250,1380,252,247,253,249,671,256,254,672],"class_list":["post-316481","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-dollarindex","tag-fed","tag-gta","tag-looks-rare","tag-nfp","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-silver","tag-wallet","tag-wordpress","tag-xagusd"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/316481","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=316481"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/316481\/revisions"}],"predecessor-version":[{"id":316483,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/316481\/revisions\/316483"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/20827"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=316481"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=316481"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=316481"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}