Silver price slides 1% intraday as strong U.S. jobs data lifts dollar and triggers selloff
Silver slides 2.3% to $36.36
Silver began the new trading week on a volatile note, swinging sharply during the Asian session of Monday, July 7.
Price initially broke above last week’s high to reach $37.20 but was quickly met by strong selling pressure. This caused a heavy decline, which sent silver down by 2.3% to a low of $36.36 before the close of the Asian session.
- Silver slides 2.3% to $36.36 after strong U.S. jobs data boosts the dollar
- Silver holds 1.3% monthly gain, signalling a broader uptrend still intact
- RSI stays neutral intraday, while daily structure and channel support suggest further upside
The pullback was supported by the 50 EMA on the 4-hour chart, which aligns closely with the lower boundary of the bullish price channel that has defined silver’s uptrend since last week.
The sharp move lower was driven by fundamental data from the United States. The June Nonfarm Payrolls report came in stronger than expected, showing 147,000 jobs added compared to May’s revised figure of 144,000. This labour market strength reduced expectations of a near-term interest rate cut by the U.S. Federal Reserve. As a result, the dollar strengthened, pressuring dollar-denominated assets like silver.
Silver price dynamics (June - July 2025). Source: TradingView
Since the European session opened, silver has been attempting to recover from the Asian session losses, but progress has been limited. Price is currently trading near $36.55, showing a 1% loss for the day. Despite the day’s decline, silver still holds a 1.3% month-to-date gain, suggesting that the broader uptrend is not yet invalidated.
Silver 4-hour RSI stays neutral while daily chart shows bullish bias intact
Technically, the RSI on the 4-hour chart sits in neutral territory, reflecting the current indecision in the market. On the daily timeframe, however, the RSI continues to support the bullish structure that has guided silver over the past week. The base of the ascending channel and the 50 EMA both provide a strong confluence zone near the current price level, offering a potential springboard for another upward leg.
If the support at $36.36 gives way, the next level to watch would be the 100 EMA on the 4-hour chart at $36.15. A drop below this level would suggest that silver may extend its multi-week consolidation phase for a fifth consecutive week. Otherwise, a rebound from this zone could set the stage for a fresh attempt at higher levels later in the week. Traders now watch closely to see if technical support and broader trend structure can offset the pressure from improving U.S. economic data.
Silver bounced from $36.38 after NFP and held gains, showing strong buying interest. Silver formed higher highs and higher lows this week, confirming its bullish structure.
