{"id":317874,"date":"2024-06-06T11:20:51","date_gmt":"2024-06-06T05:50:51","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=317874"},"modified":"2024-06-06T11:20:51","modified_gmt":"2024-06-06T05:50:51","slug":"xag-usd-extends-recovery-to-30-60-on-firm-fed-rate-cut-prospects-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/xag-usd-extends-recovery-to-30-60-on-firm-fed-rate-cut-prospects-crypto-news\/","title":{"rendered":"XAG\/USD extends recovery to $30.60 on firm Fed rate-cut prospects &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div id=\"fxs_article_content\">\n<ul>\n<li><strong>Silver price rises to $30.60 as US yields fall on backfoot amid firm Fed rate-cut bets.<\/strong><\/li>\n<li><strong>Fed rate-cut bets for September have been prompted by easing US labor market strength.<\/strong><\/li>\n<li><strong>Investors shift focus to the US NFP report for May for fresh guidance.<\/strong><\/li>\n<\/ul>\n<p>Silver price (XAG\/USD) recovers further to $30.60 in Thursday\u2019s Asian session. The white metal discovers strong buying interest as normalizing <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/economic-calendar\" data-fxs-autoanchor=\"\">United States<\/a> (US) labor market conditions boost speculation that 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 reducing interest <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/rates-charts\/rates\" data-fxs-autoanchor=\"\">rates<\/a> in the September meeting.<\/p>\n<p>The CME FedWatch tool shows that traders see a 68% chance for rate cuts in September. The probability has significantly improved from 47% recorded a week ago. This has weighed heavily on US bond yields. 10-year US Treasury yields are slightly up to near 4.29% but have come down significantly from weekly high of 4.64%. A sharp decline in yields on interest bearing assets reduces the opportunity cost of holding an investment in non-yielding assets, such as Silver.<\/p>\n<p>Investors lose confidence over US labor market strength after weak JOLTS Job Openings data for April and lower-than-expected ADP Employment Change for May.<\/p>\n<p>The <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/currencies\/us-dollar-index\" data-fxs-autoanchor=\"\">US Dollar<\/a> Index (DXY) falls sharply after failing to extend recovery above 104.40 but holds the immediate support of 104.00. The next move in above-mentioned assets will be influenced by the US <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/macroeconomics\/economic-indicator\/nfp\" data-fxs-autoanchor=\"\">Nonfarm Payrolls<\/a> (NFP) report for May, which will be published on Friday.<\/p>\n<h2 class=\"fxs_headline_medium\">Silver technical analysis<\/h2>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/rates-charts\/xagusd\" data-fxs-autoanchor=\"\">Silver<\/a> price trades in a Rising Channel chart formation on a daily timeframe in which each pullback is considered as buying opportunity by market participants. Advancing 50 and 200-day Exponential Moving Averages (EMAs) around $28.63 and $25.46, respectively, indicate that the overall trend is bullish.<\/p>\n<p>The 14-period Relative Strength Index (RSI) falls back into the 40.00-60.00 range, suggesting that upside momentum has faded. However, the upside bias remains intact.<\/p>\n<h3 class=\"fxs_headline_medium\">Silver daily chart<\/h3>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/editorial.fxstreet.com\/miscelaneous\/_XAG_USD_2024-06-06_10-36-06-638532476360671942.png\"><\/a><\/p>\n<p>\u00a0<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Silver price rises to $30.60 as US yields fall on backfoot amid firm Fed rate-cut bets. Fed rate-cut bets for September have been prompted by easing US labor market strength. Investors shift focus to the US NFP report for May for fresh guidance. Silver price (XAG\/USD) recovers further to $30.60 in Thursday\u2019s Asian session. The [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":8874,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,366,255,250,1380,252,247,253,249,671,524,256,254,672],"class_list":["post-317874","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-fed","tag-gta","tag-looks-rare","tag-nfp","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-silver","tag-supportresistance","tag-wallet","tag-wordpress","tag-xagusd"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/317874","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=317874"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/317874\/revisions"}],"predecessor-version":[{"id":317876,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/317874\/revisions\/317876"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/8874"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=317874"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=317874"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=317874"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}