Macro approach:
- Silver prices softened after US jobless claims came in stronger, with markets awaiting today’s nonfarm payrolls report.
- Progress toward a temporary Iran–Oman shipping arrangement eased oil-supply concerns, lowering inflation expectations and limiting silver’s downside.
- Despite lingering geopolitical risks, resilient industrial demand could continue to support prices ahead of the NFP release.

Technical approach:
- After retreating from the resistance at 63.00, XAGUSD rebounded near EMA21 and hovered below the key ascending trendline. The price is above both diverging EMAs, indicating a potential continuation of the uptrend upon a breakout.
- if XAGUSD breaks above the ascending trendline and the resistance at 63.00, the price may surge toward the following resistance at 66.40.
- On the contrary, remaining below the descending trendline and 63.00 may prompt a retreat toward the immediate support at 59.45.

Analysis by: Quoc Dat Tong, Senior Financial Markets Strategist at Exness