Silver is down nearly 7% today, testing the $68 per ounce area and falling back below the 200-day Exponential Moving Average (EMA200, red line) on the daily chart. The EMA200 serves as an important momentum threshold and may signal a prolonged period of weakness for the metal amid surging bond yields and a sharply stronger US dollar. The sell-off was reinforced by exceptionally strong US labor market data. The latest Non-Farm Payrolls (NFP) report showed that the US economy added 172,000 jobs in May, while upward revisions for the previous two months totaled an additional 92,000 jobs. Gold, platinum, and palladium are also posting significant losses.

Source: xStation5
The US Dollar Index (USDIDX) is experiencing one of its strongest sessions in recent years, breaking decisively above the 100 level and strengthening against a basket of major currencies. Concerns about a more hawkish Federal Reserve and the possibility of an interest rate hike in 2026 are growing alongside inflation trends in the US economy. Key price components within the ISM surveys continue to point to exceptionally strong price pressures, while both CPI and PCE inflation remain well above the Federal Reserve’s target.

Source: xStation5
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