Silver prices stabilized at $52.00 following a brief dip, with technical indicators suggesting a period of consolidation ahead of critical US labor market data.
Silver reclaimed the $52.00 mark on Friday after holding the $51.70-$51.65 support (100-hour EMA plus 50% Fibonacci), but the RSI near 46 and MACD below zero show faded bullish pressure. Direction hinges on the upcoming US Nonfarm Payrolls report, so the market is consolidating rather than trending, capping upside at $52.34 and downside at $50.92.
Upside resistance sits at $52.34 (61.8% Fibonacci), then $53.35 and the recent high of $54.64; below the $51.70-$51.65 support zone, the next levels are $50.92 and $50.04.
Silver (XAG/USD) reclaimed the $52.00 level on Friday after finding technical support near $51.70. Despite the rebound, bullish momentum remains constrained as traders await the US Nonfarm Payrolls report, which will dictate the next directional move for the precious metal.
Upside resistance sits at $52.34 (61.8% Fibonacci), then $53.35 and the recent high of $54.64; below the $51.70-$51.65 support zone, the next levels are $50.92 and $50.04.