Silver News Drives Price Prediction—$64.67 Break or $60.53 Test?

NEW YORK (December 16) Silver is lower on Tuesday, but it’s still hovering near the record high at $64.67 set last week. So this isn’t a collapse — it’s the market backing off the top end of the range while traders decide whether today’s U.S. jobs report is enough to power a fresh leg higher, or whether a deeper cleanse is coming first.

The November labor data finally dropped today after the shutdown delay, and it painted a cooler picture. Nonfarm payrolls rose 64,000, beating the 45,000 forecast but still flagging sluggish hiring. The unemployment rate climbed to 4.6%, with the participation rate steady at 62.5%, which tells traders the soft patch is about demand for workers, not a surge in supply.

Softer Jobs Tone Keeps the Fed in Play for Metals

Wage growth slowed to 0.1% month-on-month, with annual earnings at 3.5%. That combination doesn’t scream inflation risk. For metals, that’s a plus: it nudges expectations toward a friendlier Fed path, or at least less urgency to stay restrictive.

Under the surface, the pattern still looks like a cooling economy. Health care added 46,000 jobs and construction 28,000, but transportation and warehousing lost 18,000, and federal employment dropped another 6,000. It’s not a hard-landing print, but it doesn’t argue for roaring growth either.

For silver traders, the message is straightforward: the long-term backdrop isn’t a headwind right now, so price action and levels are doing most of the talking.

Range Trade: Ceiling at $64.67, First Real Pivot at $60.53

Daily Silver (XAG/USD)

Technically, the market is sitting closer to resistance than support. The record high at $64.67 is the clear ceiling; a decisive push through that level would reaffirm the uptrend and could trigger an upside acceleration as breakout traders and late longs jump in.

If price fails to clear $64.67, the risk is a rotation lower toward the 50% pivot at $60.53. That level has not been tested yet, so it’s the first meaningful downside reference rather than an area “holding” so far. A sustained move under $60.53 would open up room toward $56.65–$55.11, which would look like a proper short-term top instead of just a pause.

Outlook: Market Leaning Bullish, But Proof Now Sits at $64.67

Bottom line: sentiment still leans bullish as long as silver trades in the upper part of the range, but the burden of proof is now at $64.67. If buyers can’t punch through, expect a run at $60.53 to see who really wants this market. If they do break the high, shorts will likely be on the back foot fast.

FXEmpire