Silver prices rose on Thursday. A weaker-than-expected jobs report fueled the increase. Traders now anticipate fewer interest rate hikes from the U.S. Federal Reserve.
Silver traded above the $60 level. The market moved towards its 50-day exponential moving average. The jobs report was released early due to an upcoming holiday weekend.
Some analysts see this rally as a potential selling opportunity. This view holds if interest rates and the U.S. dollar remain strong. A break below $57 could push prices down to $50.
The silver market remains volatile. Demand for the metal continues to exceed its available supply.