Silver price (XAG/USD) extends its correction to near the crucial support of $24.00 even though investors hope that the Federal Reserve (Fed) is done
. The white metal remained offered from Thursday but the broader trend is still positive as the tight United States labor market starts cooling down.
S&P500 futures remain lackluster as US markets are closed on account of Labor Day. Due to the extended weekend, weak volume is expected in the FX domain too. Also, the market mood is quiet due to an extended weekend. looks set to extend recovery above the immediate resistance of 104.20 as job growth remains solid in August.
Cleveland Fed Bank President Loretta Mester said on Friday that demand and supply in the labor market is coming into a better balance but the job market is still strong. She further added that while job growth has slowed and job openings are down, the Unemployment Rate is low. Also, US Manufacturing PMI for August increased to 47.6 from 46.4 in July but remained below the 50.0 mark, which itself shows a contraction in activities. After factory activities, investors shift focus to the Services PMI for August, which will be published on Wednesday.price demonstrates a Broadening Triangle chart formation on a two-hour scale. The downside is supported near the horizontal resistance plotted from August 25 low around $23.92.
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